Question: Please help and show work for the partial income statement Please help and show work for the partial income statement *Problem 19-04A a-c (Part Level
Please help and show work for the partial income statement


Please help and show work for the partial income statement
*Problem 19-04A a-c (Part Level Submission) (Video) The following data were taken from the records of Sheffield Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $50,400 Factory Insurance 55,100 Raw Materials Inventory 6/30/20 49,700 Factory Machinery Depreciation 18,500 Finished Goods Inventory 7/1/19 97,000 Factory Utilities 31,100 Finished Goods Inventory 6/30/20 25,500 Office Utilities Expense 8,650 Work in Process Inventory 7/1/19 27,800 Sales Revenue 557,500 Work in Process Inventory 6/30/20 22,200 Sales Discounts 4,500 Direct Labor 149,050 Plant Manager's Salary 64,400 Indirect Labor 26,860 Factory Property Taxes 9,610 Accounts Receivable 29,700 Factory Repairs 2,200 Raw Materials Purchases 99,300 Cash 34,000 *(a) Your answer is correct. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) SHEFFIELD COMPANY Cast of Goods Manufactured Schedule For the Year Ended June 30, 2020 27800 950400 199300 1149700 149700 5100000 249050 164400 Work in Process Inventory, July 1, 2019 Direct Materials Raw Materials Inventory, July 1, 2019 Raw Materials Purchases Total Raw Materials Available for Use Less, Raw Materials Inventory, June 30, 2020 Pirect Materials Used Direct Labor Manufacturing Overhead Plant Manager's Salary Factory Utilities Indirect Labor Factory Machinery Depreciation Factory Property Taxes Factory Insurance Factory Repairs Total Manufacturing Overhead Total Manufacturing Costs Total Cost of Work in Process Inventory Tess Work in Process Inventory, June 30, 2020 Cost of Goods Manufactured 31100 126860 18500 9610 15100 2200 157770 *(b) Prepare an income statement through gross profit. SHEFFIELD COMPANY (Partial) Income Statement
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