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.)

Solutions

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 1 year ago

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