Question

Problem 14-04A 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 $51,500 47,900 98,100 27,700 25,200 21,000 145,850 25,260 35,200 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 55,400 17,200 29,000 9,050 561,600 4,900 61,200 9,710 1,700 98,500 37,200 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule

Answer 1

$ 25,200 $ $ 102,100 145,850 CLARKSON COMPANY Cost of goods manufactured Schedule For the year Ended June 30,2020 Work in process inventory, 7/1/19 Direct Materials: Raw Materials Inventory, 7/1/19 $ 51,500 Raw Materials Purchase $ 98,500 Total Raw materials available for use $ 150,000 Raw Material Inventory, 6/30/20 $ 47,900 Direct materials used Direct labor Manufacturing Overhead Plant manager's salary $ 61,200 Factory utilities $ 29,000 Indirect labor $ 25,260 Factory machinery depreciation $ 17,200 Factory property taxes $ 9,710 Factory insurance $ 5,400 Factory repairs $ 1,700 Total manufacturing overhead Total manufacturing costs Work in process inventory, 6/30/20 Cost of goods Manufactured $ 149,470 $ 422,620 $ 21,000 $ 401,620

$ 561,600 $ 4.900 $ 556,700 CLARKSON COMPANY (Partial) Income Statement For the year Ended June 30,2020 Sales Less: Sales Discounts Net Sales Cost of goods Sold Finished goods inventory 7/1/19 $ 98,100 Cost of Goods manufactured $ 401,620 Cost of goods available for sale $ 499,720 Finished goods inventory, 6/30/20 $ 27,700 Cost of Goods Sold Gross Profit Less: Office Utilities Expense Net Income $ 472,020 $ 84,680 $ 9,050 $ 75,630 CLARKSON COMPANY (Partial) Balance Sheet June 30.2020 Current assets Cash Accounts Receivables Inventories Raw materials $ 47,900 Work in Process $ 21,000 Finished Goods $ 27,700 Total Current assets $ $ 37,200 35,200 $ $ 96,600 169,000