The following information is available for the Powell Manufacturing company for 2020.

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

Accounts receivable, January 1, 2020	$70,000
Accounts payable, January 1, 2020	?
Raw materials, January 1, 2020	9,000
Work in process, January 1, 2020	23,000
Finished goods, January 1, 2020	71,000
Accounts receivable, December 31, 2020	30,000
Accounts payable, December 31, 2020	230,000
Raw materials, December 31, 2020	?
Work in process, December 31, 2020	55,000
Finished goods, December 31, 2020	48,000
Raw materials used in production	70,000
Raw materials purchased	100,000
Accounts receivable collections	?
Accounts payable payments	81,000
Sales	?
Total manufacturing costs	?
Cost of goods manufactured	?
Cost of goods sold	60% of Sales
Gross margin	440,000

Answer rating: 100% (QA)

Ending raw materials inventory Raw materials available Raw materials used Raw materials available Beginning raw materials Raw materials purchased 9000 ... View the full answer