Question

Problem 19-4A The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. 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 $57,300 41,100 98,800 29,500 24,200 21,500 141,450 24,660 37,100 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $5,400 16,600 31,200 9,350 561,200 5,100 64,200 9,910 1,700 96,900 38,300

Answer 1

24200 113100 141450 Clarkson Company Cost of goods Manufactured Schedule For the year Ended June 30, 2017 Work in process, July 1, 2016 Direct Materials Raw material, July1 57300 Add: Raw material purchased 96900 Total raw materials available for use 154200 Less: Raw materials inventory, June 30,2017 41100 Direct Materials used Direct labor Manufacturing over head Plant manager's salary 64200 Indirect labor 24660 Factory utilities 31200 Factory machinery Depreciation 16600 Factory Insurance 5400 Factory property taxes 99101 Factory repairs 1700 Total manfacturing overheads Total manufacturing costs Total cost of work in process inventory Less: Work in process inventory, June 30, 2017 Cost of goods Manufactured 153670 408220 432420 215001 410920

561200 5100 556100 Clarkson Company (Partial)Income Statement For the year Ended June 30, 2017 Sales Less: Sales Discount Net Sales Cost of goods sold: Finished goods inventory, 7/1/16 Cost of goods manufactured Cost of goods available sales Less: Finished goods inventory, 6/30/17 Cost of goods sold Gross profit 98800 410920 509720 29500 4802201 75880