Question

In: Accounting

P10-4 The following data were taken from the records of Clarkson Company for the fi scal...

P10-4 The following data were taken from the records of Clarkson Company for the fi scal
year ended June 30, 2017.
Raw Material Factory Insurance $ 4,600
Inventory 7/1/16 $ 48,000 Factory Machinery
Raw Material Depreciation 16,000
Inventory 6/30/17 39,600 Factory Utilities 27,600
Finished Goods Offi ce Utilities Expense 8,650
Inventory 7/1/16 96,000 Sales Revenue 534,000
Finished Goods Sales Discounts 4,200
Inventory 6/30/17 75,900 Plant Manager’s Salary 58,000
Work in Process Factory Property Taxes 9,600
Inventory 7/1/16 19,800 Factory Repairs 1,400
Work in Process Raw Material Purchases 96,400
Inventory 6/30/17 18,600 Cash 32,000
Direct Labor 139,250
Indirect Labor 24,460
Accounts Receivable 27,000
Instructions
(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were
direct materials.)
(b) Prepare an income statement through gross profi t.
(c) Prepare the current assets section of the balance sheet at June 30, 2017.

Solutions

Expert Solution

ekkarill92 answered 11 months ago
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