The following data were taken from the records of Clarkson Company for the year ended June 30, 2014

The following data were taken from the records of Clarkson Company for the year ended June 30, 2014

P1-4A- Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet

P1-4A The following data were taken from the records of Clarkson Company for the year ended June 30, 2014:

Raw Materials Inventory, 7/1/13	$48,000	Factory Machinery Depreciation	16,000
Raw Materials Inventory, 6/30/14	39,600	Factory Utilities	27,600
Finished Goods Inventory, 7/1/13	96,000	Office Utilities Expense	8,650
Finished Goods Inventory, 6/30/14	75,900	Sales	534,000
Work in Process, 7/1/13	19,800	Sale Discounts	4,200
Work in Process, 6/30/14	18,600	Plant Manager's Salary	58,000
Direct labor	139,250	Factory Property Taxes	9,600
Indirect Labor	24,460	Factory Repairs	1,400
Account Receivable	27,000	Raw Materials Purchases	96,400
Factory Insurance	4,600	Cash	32,000

Instructions:

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

(b) Prepare an income statement through gross profit.
(c) Prepare the current assets section of the balance sheet at June 30, 2014. 

TUTORIAL PREVIEW

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

CLARKSON COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended June 30, 2014
Work in process, July 1, 2013			$19,800
Direct materials
Raw materials inventory, July 1, 2013	$48,000
Raw materials purchases	96,400
Total raw materials available for use	144,400
Less: Raw materials inventory, June 30, 2014	39,600

File name: P1-4A Clarkson Company.xls File type: xls  PRICE: $6