60 CHAPTER 2 Managerial Cost Concepts and Cost Behaviour Analysis Prepare a cost of goods manufactured schedule, a partial income statement and a partial balance sheet. P2.43A (LO 4) The following data were taken from the records of Stellar Manufacturing Company for the fiscal year ended December 31, 2020: Excel Raw Materials Inventory (1/1/20) Raw Materials Inventory (12/31/20) Finished Goods Inventory (1/1/20) Finished Goods Inventory (12/31/20) Work in Process Inventory (1/1/20) Work in Process Inventory (12/31/20) Direct Labour Indirect Labour Accounts Receivable Factory Insurance $ 47,000 44,800 85,000 77.800 9.500 7,500 145.100 18.100 27.000 7,400 Factory Machinery Depreciation Factory Utilities Office Utilities Sales Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $ 7,700 12,900 8,600 465,000 2,500 40,000 6,900 800 62.500 28.000 a. CGM $305,600 b. Gross profit $149,700 c. Current assets $185,100 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, 2020