The following data were taken from the records of Ruiz Manufacturing Company for the year ended December 31, 2022: 

Instructions 

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

b. Prepare an income statement through gross profit. 

c. Prepare the current assets section of the balance sheet at December 31, 2022.

Transcribed Image Text:

Raw Materials Inventory (1/1/22) Raw Materials Inventory (12/31/22) Finished Goods Inventory (1/1/22) Finished Goods Inventory (12/31/22) Work in Process Inventory (1/1/22) Work in Process Inventory (12/31/22) Direct Labour Indirect Labour Accounts Receivable Factory Insurance $ 47,000 44,200 85,000 67,800 9,500 8,000 145,100 18,100 27,000 7,400 Factory Machinery Depreciation $ 7,700 Factory Utilities 12,900 Office Utilities 8,600 Sales 465,000 Sales Discounts 2,500 Factory Manager's Salary 40,000 Factory Property Taxes 6,100 Factory Repairs 800 Raw Materials Purchases Cash 62,500 28,000