Problem 15 Check course schedule for due date. Use the working papers provided.

The following data were taken from the records of Flexsteel Manufacturing Company for the year ended August 31, 2019.

Raw Materials Inventory 9/1/18	$60,000	Factory Property Taxes	$8,000
Raw Materials Inventory 8/31/19	50,000	Factory Repairs	4,000
Finished Goods Inventory 9/1/18	100,000	Raw Materials Purchases	100,000
Finished Goods Inventory 8/31/19	95,000	Accounts Receivable	30,000
Work in Process Inventory 9/1/18	15,000	Sales Revenue	775,000
Work in Process Inventory 8/31/19	10,000	Sales Discounts	6,000
Direct Labor	180,000	Cash	50,000
Indirect Labor	22,000	Prepaid expenses	3,000
Factory Insurance	7,000	Operating expenses	200,000
Factory Mach-Depreciation	9,000	Income tax expense	5,000
Plant Managers Salary	46,000	Interest expense	1,000
Factory Utilities	17,000

Instructions

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

(b) Prepare an entire income statement through net income for the year ended August 31, 2019.

(c) Prepare the current asset section of the balance sheet at August 31, 2019.