The following data were taken from the records of Blue Company for the fiscal year ended June 30, 2017.
Raw Material Inventory 7/1/16 $49,900
Factory Insurance $4,800
Raw Material Inventory 6/30/17 45,000
Factory Machinery Depreciation 17,100
Finished Goods Inventory 7/1/16 96,100
Factory Utilities 30,500
Finished Goods Inventory 6/30/17 28,500
Office Utilities Expense 9,550
Work in Process Inventory 7/1/16 22,700
Sales Revenue 556,800
Work in Process Inventory 6/30/17 29,200
Sales Discounts 4,500
Prepare Income statement through gross profit.
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