Medina Manufacturing Company uses a simple manufacturing accounting system. At the end of its fiscal year on August 31, 2010, the adjusted trial balance contains the following accounts.

Physical inventory accounts on August 31, 2010, show the following inventory amounts: Finished Goods \(\$ 50,600\), Work in Process \(\$ 23,400\), and Raw Materials \(\$ 44,500\).
Instructions:

(a) Enter the adjusted trial balance data on a worksheet in financial statement order and complete the worksheet.

(b) Prepare a cost of goods manufactured schedule for the year.

(c) Prepare an income statement for the year and a balance sheet at August 31, 2010.

(d) Journalize the closing entries.

(e) Post the closing entries to Manufacturing Summary and to Income Summary.

Transcribed Image Text:

Debits Credits Cash $ 16,700 Accumulated Depreciation $ 353,000 Accounts Receivable (net) 62,900 Notes Payable 45,000 Finished Goods Inventory 56,000 Accounts Payable 36,200 Work in Process Inventory 27,800 Income Taxes Payable 9,000 Raw Materials Inventory 37,200 Common Stock 352,000 Plant Assets 890,000 Retained Earnings 205,300 Raw Materials Purchases 236,500 Sales 998,000 Direct Labor 283,900 $1,998,500 Indirect Labor 27,400 Factory Repairs 17,200 Factory Depreciation 16,000 Factory Manager's Salary 40,000 Factory Insurance 11,000 Factory Property Taxes 14,900 Factory Utilities 13,300 Selling Expenses 96,500 Administrative Expenses 115,200 Income Tax Expense 36,000 $1,998,500