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The following data were taken from the records of Vaughn Company for the fiscal year ended...

The following data were taken from the records of Vaughn Company for the fiscal year ended June 30, 2020.

Raw Materials Inventory 7/1/19 $51,100 Factory Insurance $5,200
Raw Materials Inventory 6/30/20 41,600 Factory Machinery Depreciation 16,800
Finished Goods Inventory 7/1/19 96,800 Factory Utilities 29,700
Finished Goods Inventory 6/30/20 27,800 Office Utilities Expense 9,550
Work in Process Inventory 7/1/19 21,300 Sales Revenue 563,900
Work in Process Inventory 6/30/20 27,900 Sales Discounts 4,600
Direct Labor 144,350 Plant Manager’s Salary 64,300
Indirect Labor 26,360 Factory Property Taxes 9,610
Accounts Receivable 34,600 Factory Repairs 2,500
Raw Materials Purchases 97,200
Cash

37,900

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, 2020. (List Current Assets in order of liquidity.)

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Expert Solution

COST OF GOODS MANUFACTURED SCHEDULE

DESCRIPTION AMOUNT $
DIRECT MATERIALS
BEGINNING INVENTORY 51100
ADD: PURCHASE OF RAW MATERIALS 97200
LESS: ENDING INVENTORY (41600)
DIRECT MATERIAL USED 106700
DIRECT LABOR 144350
MANUFACTURING OVERHEAD
INDIRECT LABOR 26360
FACTORY INSURANCE 5200
FACTORY UTILITIES 29700
FACTORY PROPERTY TAXES 9610
FACTORY REPAIRS 2500
FACTORY MACHINERY DEPRECIATION 16800
PLANT MANAGER'S SALARY 64300
TOTAL MANUFACTURING COST 405520
ADD: BEGINNING WORK IN PROGRESS 21300
LESS: ENDING WORK IN PROGRESS (27900)
COST OF GOODS MANUFACTURED 398920
ADD: BEGINNING FINISHED GOODS 96800
LESS: ENDING FINISHED GOODS (27800)
COST OF GOODS SOLD 467920

INCOME STATEMENT FOR THE YEAR ENDED JUNE 30 2020

DESCRIPTION AMOUNT $
SALES REVENUE (ASSUMING GROSS) 563900
LESS: SALES DISCOUNTS (4600)
NET SALES 559300
LESS: COST OF GOODS SOLD (467920)
GROSS PROFIT 91380

BALANCE SHEET AS AT 30 JUNE 2020

DESCRIPTION AMOUNT $
CURRENT ASSETS
CASH 37900
ACCOUNTS RECEIVABLE 34600
INVENTORY:
ENDING FINISHED GOODS 27800
ENDING WORK IN PROGRESS 27900
ENDING RAW MATERIALS 41600
TOTAL CURRENT ASSETS 169800

ekkarill92 answered 2 years ago
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