Question

I could use some help filling in the rest of the boxes where it has question marks and it says "value".

P1-4A Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet 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 Factory Insurance $16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 32,000 $48,000 Factory Machinery Depreciatior 39,600 Factory Utilities 96,000Office Utilities Expense 75,900 19,800 Sales Discounts 18,600 Sales Revenue Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases 139,250 24,460 27,000 4,600 Cash 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, 2017. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?"

Answer 1

Clarkson Company
Partial Income Statement
For the year ended jun 30 2017
Sales Revenues
Sales Revenues	534,000
Less Sales Discount	4,200
Net Sales		538,200
Cost of goods sold
Finished Goods inventory july 1 2016	96,000
Cost of goods Manufactored	386,910
Cost of goods available for sale	482,910
Less:Finished Goods inventory jun 30 2017	75,900
Cost of goods sold		407,010
Gross Profit		131,190
Working Note
CLARKSON MANUFACTURING COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended June 30, 2012
Work in process, July 1, 2016	19,800
Direct materials
Raw materials inventory	48,000
Raw materials purchases	96,400
Total raw materials available for use	144,400
Less: Raw materials inventory 6/30/17	39,600
Direct materials used	104,800
Direct labor	139,250
Manufacturing overhead
Plant manager’s salary	58,000
Factory utilities	27,600
Indirect labor	24,460
Factory machinery depreciation	16,000
Factory property taxes	9,600
Factory insurance	4,600
Factory repairs	1,400
Total manufacturing overhead	141,660
Total manufacturing costs	385,710
Total cost of work in process	405,510
Less: Work in process, June 30	18,600
Cost of goods manufactured	386,910