The following data were taken from the records of Blumbey - 13985

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Problem 19-4A

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The following data were taken from the records of Blumbey Manufacturing Company for the fiscal year ended June 30, 2012.

Raw Materials Inventory 7/1/11

 

$48,000

 

Factory Insurance

 

$4,600

Raw Materials Inventory 6/30/12

 

39,600

 

Factory Machinery Depreciation

 

16,000

Finished Goods Inventory 7/1/11

 

96,000

 

Factory Utilities

 

27,600

Finished Goods Inventory 6/30/12

 

95,900

 

Office Utilities Expense

 

8,650

Work in Process Inventory 7/1/11

 

19,800

 

Sales

 

554,000

Work in Process Inventory 6/30/12

 

18,600

 

Sales Discounts

 

4,200

Direct Labor

 

149,250

 

Plant Manager’s Salary

 

29,000

Indirect Labor

 

24,460

 

Factory Property Taxes

 

9,600

Accounts Receivable

 

27,000

 

Factory Repairs

 

1,400

       

Raw Materials Purchases

 

96,400

       

Cash

 

32,000

 

 

 

 

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Your answer is correct.

 

 

Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

Prepare an income statement through gross profit

Prepare the current assets section of the balance sheet at June 30, 2012. (List current assets in order of liquidity)

 

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