Problem 15 Check course schedule for duedate. Use the working papers provided.
The following data were taken from the records of FlexsteelManufacturing Company for the year ended August 31, 2019.
Raw Materials Inventory 9/1/18 | $60,000 | Factory Property Taxes | $8,000 |
Raw Materials Inventory 8/31/19 | 50,000 | Factory Repairs | 4,000 |
Finished Goods Inventory 9/1/18 | 100,000 | Raw Materials Purchases | 100,000 |
Finished Goods Inventory 8/31/19 | 95,000 | Accounts Receivable | 30,000 |
Work in Process Inventory 9/1/18 | 15,000 | Sales Revenue | 775,000 |
Work in Process Inventory 8/31/19 | 10,000 | Sales Discounts | 6,000 |
Direct Labor | 180,000 | Cash | 50,000 |
Indirect Labor | 22,000 | Prepaid expenses | 3,000 |
Factory Insurance | 7,000 | Operating expenses | 200,000 |
Factory Mach-Depreciation | 9,000 | Income tax expense | 5,000 |
Plant Manager’s Salary | 46,000 | Interest expense | 1,000 |
Factory Utilities | 17,000 | | |
Instructions
(a) Prepare a cost of goods manufactured schedule. (Assume allraw materials used were direct materials.)
(b) Prepare an entire income statementthrough net income for the year endedAugust 31, 2019.
(c) Prepare the current asset section of the balance sheet atAugust 31, 2019.
