Question

AutoSave ExcelTemplateAssignment Cho1 (1) - Protected View Ex. File Home Insert Draw Page Layout Formulas Data Review View Нelp QuickBooks O PROTECTED VIEW Be careful-files trom the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing G35 1 P1-4A Prepare a cost of goods manufactured schodule, a partial income statement, and a partial balance sheet 2. 3 The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. 4. Raw Materials Inventory, 7/1/16 Raw Materials Inventory, 6/30/17 Finished Goods Inventory, 7/1/16 Finished Goods Inventory, 6/30/17 Work in Process Inventory, 7/1/16 Work in Process Inventory, 6/30/17 Direct Labor Indirect Labor Accounts Receivable Factory Insurance actory Machinery Depreciatio Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts $48,000 39,600 96,000 75,900 19,800 18,600 139,250 24,460 27,000 4,600 $16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 32,000 7. Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 10 11 12 13 14 15 16 Instructions 17 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) 18 (b) Prepare an income statement through gross profit. 19 (c) Prepare the current assets section of the balance sheet at June 30, 2017. 20 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 21 22 23 24 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) 25 CLARKSON COMPANY Cost of Goods Manufactured Schedule PLNA 26 27 E1-4 E1-12 E1-16 P1-SA CD1

Answer 1

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Clarkson Company
Cost of goods manufactured	Amount $	Amount $
Work in process inventory, July 1, 2016		19,800.00
Raw material inventory, July 1, 2016	48,000.00
Raw material Purchases	96,400.00
Total Raw material available for use	144,400.00
Less: Raw material inventory, June 30, 2017	39,600.00
Direct materials used		104,800.00
Direct Labor		139,250.00
Manufacturing Overhead
Plant manager's salary	58,000.00
Factory utilities	27,600.00
Indirect Labor	24,460.00
Factory machine Depreciation	16,000.00
Factory Property taxes	9,600.00
Factory Insurance	4,600.00
Factory repairs	1,400.00
Total Manufacturing Overhead		141,660.00
Total Manufacturing costs		385,710.00
Total cost of work in process		405,510.00
Less: Work in process inventory, June 30 2017		18,600.00
Cost of goods manufactured		386,910.00

Income Statement	Amount $	Amount $
Sales Revenues
Sales Revenues	534,000.00
Less: Sales discounts	4,200.00
Net Sales		529,800.00
Cost of goods sold
Finished goods inventory, July 1, 2016	96,000.00
Cost of goods manufactured	386,910.00
Cost of goods available for sale	482,910.00
Less: Finished goods inventory, June 30 2017	75,900.00
Cost of goods sold		407,010.00
Gross Profit		122,790.00

Current Assets	Amount $	Amount $
Cash		32,000.00
Accounts Receivable		27,000.00
Inventories
Finished goods	75,900.00
Work in process	18,600.00
Raw materials	39,600.00	134,100.00
Total Current Assets		193,100.00