The following data were taken from the records of Clarkson Manufacturing Company for the fiscal year ended June 30, 2012.

The following data were taken from the records of Clarkson Manufacturing Company for the fiscal year ended June 30, 2012.

Raw Materials			Factory Insurance	$4,600
Inventory 7/1/11	$48,000		Factory Machinery
Raw Materials			Depreciation	16,000
Inventory 6/30/12	39,600		Factory Utilities	27,600
Finished Goods			Office Utilities Expense	8,650
Inventory 7/1/11	96000		Sales	534,000
Finished Goods			Sales Discounts	4,200
Inventory 6/30/12	75900		Plant Manager’s Salary	58,000
Work in Process			Factory Property Taxes	9,600
Inventory 7/1/11	19800		Factory Repairs	1,400
Work in Process			Raw Materials Purchases	96,400
Inventory 6/30/12	18600		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 profit.

(c) Prepare the current assets section of the balance sheet at June 30, 2012.

 

TUTORIAL PREVIEW

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

CLARKSON MANUFACTURING COMPANY

Cost of Goods Manufactured Schedule

For the Year Ended June 30, 2012

Work in Process 07/01/11			$19,800
Direct materials
Raw materials inventory, 07/01/11	$48,000
Raw materials purchases	96,400
Total raw materials available for use	144,400

File name: Clarkson Manu.xls File type: xls  PRICE: $6