Question

Excel Honlework 1 P1-4A Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet 4 The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory, 7/1/19 Raw Materials Inventory, 6/30/20 Finished Goods Inventory, 7/1/19 Finished Goods Inventory, 6/30/20 Work in Process Inventory, 7/1/19 Work in Process Inventory, 6/30/20 Direct Labor Indirect Labor Accounts Receivable Factory Insurance $48,000 39,600 96,000 75,900 19,800 18,600 139,250 24,460 27,000 4,600 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 $16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 32,000 17 Instructions 18 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials) 19 (6) Prepare an income statement through gross profit 20(C) Prepare the current assets section of the balance sheet at June 30, 2020. 21 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 25 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) Value CLARKSON COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30, 2020 Work in process inventory, July 1, 2019 Direct materials Raw materials inventory, July 1, 2019 Value Raw materials purchases Value Total raw materials available for use Less: Raw materials inventory, June 30, 2020 Value Direct materials used Direct labor Manufacturing overhead Plant manager's salary Value Sheet1

Answer 1

Part A

CLARKSON COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30, 2020
Work in process, July 1, 2019			$19800
Direct materials
Raw materials inventory, July 1, 2019	48000
Raw materials purchases	96400
Total raw materials available for use	144400
Less: Raw materials inventory, June 30, 2020	39600
Direct materials used		104800
Direct labor		139250
Manufacturing overhead
Plant manager’s salary	58000
Factory utilities	27600
Indirect labor	24460
Factory machinery depreciation	16000
Factory property taxes	9600
Factory insurance	4600
Factory repairs	1400
Total manufacturing overhead		141660
Total manufacturing costs			385710
Total cost of work in process			405510
Less: Work in process, June 30, 2020			18600
Cost of goods manufactured			$386910

Part B

CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2020
Sales revenues
Sales revenue	$534000
Less: Sales discounts	4200
Net sales		$529800
Cost of goods sold
Finished goods inventory, July 1, 2019	9600
Cost of goods manufactured	386910
Cost of goods available for sale	482910
Less: Finished goods inventory, June 30, 2020	75900
Cost of goods sold		407010
Gross profit		$122790

Part C

CLARKSON COMPANY (Partial) Balance Sheet June 30, 2020
Assets
Current assets		$32000
Cash		27000
Accounts receivable
Inventories
Finished goods	$75900
Work in process	18600
Raw materials	39600	134100
Total current assets		$193100