Problem 14-04A a-c (Video) (Part Level Submission)

The following data were taken from the records of Crane Company for the fiscal year ended June 30, 2020.

Raw Materials Inventory 7/1/19		$50,000		Factory Insurance		$5,400
Raw Materials Inventory 6/30/20		47,300		Factory Machinery Depreciation		18,600
Finished Goods Inventory 7/1/19		97,800		Factory Utilities		31,000
Finished Goods Inventory 6/30/20		24,800		Office Utilities Expense		9,450
Work in Process Inventory 7/1/19		22,900		Sales Revenue		560,200
Work in Process Inventory 6/30/20		24,500		Sales Discounts		4,400
Direct Labor		144,850		Plant Managers Salary		65,600
Indirect Labor		25,160		Factory Property Taxes		9,810
Accounts Receivable		27,300		Factory Repairs		1,500
				Raw Materials Purchases		96,900
				Cash		41,500

B) Prepare an income statement through gross profit

C)Prepare the current assets section of the balance sheet at June 30, 2014