The following information is available for the McCain Manufacturing Company for 2020.

Required

Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing  amounts above.

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Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin $120,000 ? 10,000 25,000 75,000 80,000 200,000 ? 60,000 50,000 100,000 130,000 ? 80,000 ? ? ? 60% of Sales 400,000