Question

Problem 14-4A The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. $55,300 43,200 98,300 20,800 25,900 21,100 142,050 24,660 36,900 $5,100 17,800 31,700 9,250 563,200 4,500 64,200 9,910 1,900 98,000 40,800 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 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

Answer 1

Clarkson Manufacturing Company
Statement of cost of goods manufactured
For the year Ended June 30, 2017.
Opening work in process		25,900
Direct Meterial
Opening Raw meterial inventory	55,300
Raw meterial purchases	98,000
Total Raw meterial available for use	153,300
Less: Raw meterial ending inventory	43,200
Direct meterial used		110,100
Direct Labour		142,050
Manufacturing overhead
Plant Manager's salary	64,200
Factory utilities	31,700
Indirect Labor	24,660
Factory Insurance	5,100
Factory machinery depreciation	17,800
Factory property Tax	9,910
Factory repairs	1,900
Total manufacturing overhead		155,270
Total cost of work in progress		291,270
Less: Ending Work in progress		21,100
Cost of Goods manufactured		270,170

2.

Clarkson Manufacturing Company
(Partial) Income Statement
For the year Ended June 30, 2017.
Sales Revenues
Sales	$ 563,200
Less: Sales Discount	$    (4,500)
Net Sales		$ 558,700
Cost of Goods Sold
Opening Finished Goods Inventory	$    98,300
Add:Cost of goods manufactured	$ 270,170
Less: Ending finished goods inventory	$    20,800
Cost of Goods Sold		$ 347,670
Gross Profit		$ 211,030

3.

Clarkson Manufacturing Company
(Partial) Balance Sheet
June 30, 2017
Current Assets
Cash		$    40,800
Accounts Receivable		$    36,900
Inventories
Finished Goods	$ 20,800
Work in progress	$ 21,100
Raw Material	$ 43,200
Total Inventories		$    85,100
Total Current Assets		$ 162,800

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