Cash WIP Cutting WIP Assembly Finished Goods Common Stock Bal 5,000 Bal 70,000 Bal 1,700 Bal 22,000 Retained Earnings Ich Bal 12,520 Bal 46,400 Raw Materials Sales Revenue c Bal 7,300 Cost of Goods Sold Production Supplies (cl) Bal 120 Manuf. Overhead S.G&A Expenses (ch) (6) Overhead Applied: Cutting S0.60 Assembly $0.60 Total / / / / Country Glass, Inc. Cost of Goods Manufactured and Sold for the First Year of Operation Beginning Raw Materials Inventory Purchases Raw Materials Available Ending Raw Materials Inventory Raw Materials Used Direct Labor Overhead Total Manufacturing Costs 60,880 Beginning Work in Process Inventory Total Work in Process Inventory Ending Work in Process Inventory Cost of Goods Manufactured 37,180 Beginning Finished Goods Inventory Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold 32.180 Country Glass, Inc. Income Statement for the First Year of Operation Sales Revenue Cost of Goods Sold Gross Margin Selling, General, and Administrative Expense Net Income $ 12,520 Country Glass, Inc. Balance Sheet At End of First Year of Operation ASSETS Cash Production Supplies Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Total Assets $ EQUITY Common Stock Retained Earnings Total Equity 82,520 82520