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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