P14-4A The following data were taken from the records of Stellar Manufacturing Company for the fiscal

year ended June 30, 2010. Raw Materials Inventory 7/1/09 $ 48,000 Factory Machinery Depreciation $ 16,000 Raw Materials Inventory 6/30/10 39,600 Factory Utilities 27,600 Finished Goods Inventory 7/1/09 96,000 Office Utilities Expense 8,650 Finished Goods Inventory 6/30/10 95,900 Sales 554,000 Work in Process Inventory 7/1/09 19,800 Sales Discounts 4,200 Work in Process Inventory 6/30/10 18,600 Plant Manager's Salary 29,000 Direct Labor 149,250 Factory Property Taxes 9,600 Indirect Labor 24,460 Factory Repairs 1,400 Accounts Receivable 27,000 Raw Materials Purchases 96,400 Factory Insurance 4,600 Cash 32,000 Correct. Complete the cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (List manufacturing overhead entries from largest to smallest amount e.g. 10, 5, 2.) STELLAR MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30, 2010 Work in process, July 1, 2009 $ 19,800 Direct materials Raw materials inv., July 1, 2009 $ 48,000 96,400 Raw materials purchases Total raw materials available for use 144400 Less:Raw materials inv., June 30, 39,600 2010 Direct materials used $ 104800 Direct labor 149,250 Manufacturing overhead Plant manager's salary 29,000 Factory utilities 27,600 Indirect labor 24,460 Factory machinery depreciation 16,000 Factory property taxes 9,600 Factory insurance 4,600 1,400 Factory repairs 112660 Total manufacturing overhead 366710 Total manufacturing costs Total cost of work in process 386510 18,600 Less:Work in process, June 30 2010 $ 367910 Cost of goods manufactured Correct. Complete the income statement through gross profit. STELLAR MANUFACTURING COMPANY (Partial) Income Statement For the Year Ended June 30, 2010 Sales revenues Sales $ 554,000 4,200 Less:Sales discounts Net sales Cost of goods sold Finished goods inventory, July 1, 2009 96,000

$ 549800

Cost of goods manufactured Cost of goods available for sale Less:Finished goods inventory, June 30, 2010 Cost of goods sold Gross profit

367910 463910 95,900 368010 181790

Correct. Complete the current assets section of the balance sheet at June 30, 2010. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.) STELLAR MANUFACTURING COMPANY (Partial) Balance Sheet June 30, 2010 Current assets Cash $ 32,000 Accounts receivable 27,000 Inventories Finished goods $ 95,900 Raw materials 39,600 18,600 154100 Work in process $ 213100 Total current assets