Garrett Manufacturing Company uses a simple manufacturing accounting system. At the end of its fiscal year on August 31, 2012, the adjusted trial balance contains the following accounts.
| Debits | Credits | ||
| Cash | $16,700 | Accumulated Depreciation | $353,000 |
| Accounts Receivable (net) | 62,900 | Notes Payable | 45,000 |
| Finished Goods Inventory | 56,000 | Accounts Payable | 36,200 |
| Work in Process Inventory | 27,800 | Income Taxes Payable | 9,000 |
| Raw Materials Inventory | 37,200 | Common Stock | 352,000 |
| Plant Assets | 870,000 | Retained Earnings | 215,300 |
| Raw Materials Purchases | 236,500 | Sales | 988,000 |
| Direct Labor | 283,900 | $1,998,500 | |
| Indirect Labor | 27,400 | ||
| Factory Repairs | 17,200 | ||
| Factory Depreciation | 16,000 | ||
| Factory Manager’s Salary | 60,000 | ||
| Factory Insurance | 11,000 | ||
| Factory Property Taxes | 14,900 | ||
| Factory Utilities | 13,300 | ||
| Selling Expenses | 96,500 | ||
| Administrative Expenses | 115,200 | ||
| Income Tax Expense | 36,000 | ||
| $1,998,500 | |||
Physical inventory accounts on August 31, 2012, show the following inventory amounts: Finished Goods $50,600, Work in Process $23,400, and Raw Materials $44,500.
Instructions
(a) Enter the adjusted trial balance data on a worksheet in financial statement order and complete the worksheet.
(b) Prepare a cost of goods manufactured schedule for the year.
(c) Prepare an income statement for the year and a balance sheet at August 31, 2012.
(d) Journalize the closing entries.
(e) Post the closing entries to Manufacturing Summary and to Income Summary.
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