The following data were taken from the records of Flexsteel Manufacturing Company for the year ended...

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Accounting

The following data were taken from the records of FlexsteelManufacturing Company for the year ended May 31, 2016.
Raw Materials
Factory Insurance
$7,000
Inventory 6/1/15
$47,000
Factory Mach-Depreciation
4,000
Raw Materials
Plant Manager’s Salary
30,000
Inventory 5/31/16
44,000
Factory Utilities
12,900
Finished Goods
Operating Expenses
100,000
Inventory 6/1/15
85,000
Sales Revenue
475,000
Finished Goods
Sales Discounts
2,500
Inventory 5/31/16
77,000
Short-term investments
5,000
Work in Process
Factory Property Taxes
6,000
Inventory 6/1/15
9,500
Factory Repairs
1,000
Work in Process
Raw Materials Purchases
67,500
Inventory 5/31/16
8,000
Cash
28,000
Direct Labor
145,000
Prepaid Expenses
2,000
Indirect Labor
18,000
Accounts Receivable
27,000
Instructions
(a) Prepare a cost of goodsmanufactured schedule. (Assume all raw materials used were directmaterials.)
(b) Prepare an entire income statementthrough net income .
(c) Prepare the current asset section of the balance sheet atMay 31, 2016.

Answer & Explanation Solved by verified expert

4.1 Ratings (542 Votes)

RAW MATERIAL ACCOUNT Debit Credit A Raw Materials Beginning Inventory 47000 B Raw materials Purchases 67500 DABC Raw materials used for production 70500 C Raw Materials Ending Inventory 44000 Manufacturing Overheads E Indirect labor 18000 F Factory Insurance 7000 G Factory Machine Depreciation 4000 H Plant See Answer

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Raw Materials		Factory Insurance	$7,000
Inventory 6/1/15	$47,000	Factory Mach-Depreciation	4,000
Raw Materials		Plant Manager’s Salary	30,000
Inventory 5/31/16	44,000	Factory Utilities	12,900
Finished Goods		Operating Expenses	100,000
Inventory 6/1/15	85,000	Sales Revenue	475,000
Finished Goods		Sales Discounts	2,500
Inventory 5/31/16	77,000	Short-term investments	5,000
Work in Process		Factory Property Taxes	6,000
Inventory 6/1/15	9,500	Factory Repairs	1,000
Work in Process		Raw Materials Purchases	67,500
Inventory 5/31/16	8,000	Cash	28,000
Direct Labor	145,000	Prepaid Expenses	2,000
Indirect Labor	18,000	Accounts Receivable	27,000