The following data were taken from the records of Waterway Company for the fiscal year ended June 30, 2020.Raw Materials Inventory 7/1/19 $48,100 Factory Insurance $5,600Raw Materials Inventory 6/30/20 46,200 Factory Machinery Depreciation 18,600Finished Goods Inventory 7/1/19 99,600 Factory Utilities 29,200Finished Goods Inventory 6/30/20 21,600 Office Utilities Expense 8,850Work in Process Inventory 7/1/19 27,700 Sales Revenue 561,400Work in Process Inventory 6/30/20 25,300 Sales Discounts 4,900Direct Labor 144,150 Plant Manager’s Salary 64,400Indirect Labor 24,960 Factory Property Taxes 9,910Accounts Receivable 29,900 Factory Repairs 2,100 Raw Materials Purchases 99,200 Cash 40,700 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

Name: The following data were taken from the records of Waterway Company for
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Description: The following data were taken from the records of Waterway Company for the fiscal year ended June 30, 2020.Raw Materials Inventory 7/1/19 $48,100 Factory Insurance $5,600Raw Materials Inventory 6/30/20 46,200 Factory Machinery Depreciation 18,600Fini

Schedule of Cost of Goods Manufactured Amount Direct Materials: Beginning Raw Materials…

Answered: The following data were taken from the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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

Raw Materials Inventory 7/1/19	$48,100	Factory Insurance	$5,600
Raw Materials Inventory 6/30/20	46,200	Factory Machinery Depreciation	18,600
Finished Goods Inventory 7/1/19	99,600	Factory Utilities	29,200
Finished Goods Inventory 6/30/20	21,600	Office Utilities Expense	8,850
Work in Process Inventory 7/1/19	27,700	Sales Revenue	561,400
Work in Process Inventory 6/30/20	25,300	Sales Discounts	4,900
Direct Labor	144,150	Plant Manager’s Salary	64,400
Indirect Labor	24,960	Factory Property Taxes	9,910
Accounts Receivable	29,900	Factory Repairs	2,100
		Raw Materials Purchases	99,200
		Cash	40,700

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

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