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    cost flows manufacturing financial statements

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    A partial list of Waterways' accounts and their balances for the month of November 2010 follows.

    Accounts Receivable
    $ 290,000
    Advertising Expenses
    54,000
    Cash
    260,000
    Depreciation-Factory Equipment
    16,800
    Depreciation-Office Equipment
    2,400
    Direct Labor
    22,000
    Factory Supplies Used
    16,000
    Factory Utilities
    10,200
    Finished Goods Inventory, November 30
    68,800
    Finished Goods Inventory, October 31
    72,550
    Indirect Labor
    48,000
    Office Supplies Expense
    1,600
    Other Administrative Expenses
    72,000
    Prepaid Expenses
    42,150
    Raw Materials Inventory, November 30
    52,700
    Raw Materials Inventory, October 31
    38,000
    Raw Materials Purchases
    184,500
    Rent-Factory Equipment
    47,000
    Repairs-Factory Equipment
    4,500
    Salaries
    325,000
    Sales
    1,350,000
    Sales Commissions
    40,500
    Work In Process Inventory October 31
    52,900
    Work In Process Inventory, November 30
    42,000

    From this information, prepare a cost of goods manufactured schedule, an income statement, and the current assets section of the balance sheet for Waterways Corporation for the month of November 2010.

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