Question

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		$51,000		Factory Insurance		$5,000
Raw Materials Inventory 6/30/20		48,400		Factory Machinery Depreciation		17,200
Finished Goods Inventory 7/1/19		96,100		Factory Utilities		30,500
Finished Goods Inventory 6/30/20		26,800		Office Utilities Expense		9,550
Work in Process Inventory 7/1/19		25,200		Sales Revenue		556,300
Work in Process Inventory 6/30/20		27,500		Sales Discounts		5,000
Direct Labor		148,650		Plant Manager’s Salary		65,000
Indirect Labor		24,560		Factory Property Taxes		9,710
Accounts Receivable		35,400		Factory Repairs		2,400
				Raw Materials Purchases		98,400
				Cash		35,800

Part 1

Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

CLARKSON COMPANY Cost of Goods Manufactured Schedule

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				$

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$

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Part 2

Prepare an income statement through gross profit.

CLARKSON COMPANY (Partial) Income Statement

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$

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List of Accounts

Last saved 1 day ago.

Saved work will be auto-submitted on the due date.

Attempts: 0 of 3 used

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10% score reduction after attempt 2

Part 3

Prepare the current assets section of the balance sheet at June 30, 2020. (List Current Assets in order of liquidity.)

CLARKSON COMPANY (Partial) Balance Sheet

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Answer 1

$ 25,200 $ $ 101,000 148,650 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 $ 51,000 Add: Raw materials purchases $ 98,400 Total raw materials available for use $ 149,400 Less: Raw materials inventory, June 30, 2020 $ 48,400 Direct materials used Direct labor Manufacturing overhead: Plant manager's salary 65,000 Factory utilities 30,500 Indirect labor 24,560 Factory machinery depreciation 17,200 Factory property taxes 9,710 Factory insurance 5,000 Factory repairs $ 2,400 Total manufacturing overhead Total manufacturing costs Total cost of work in process Less: Work in process inventory, June 30, 2020 Cost of goods manufactured $ 154,370 $ $ $ $ 404,020 429,220 27,500 401,720

556,300 5,000 $ 551,300 CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2020 Sales revenues: Sales $ Less: Sales discounts $ Net sales Cost of goods sold: Finished goods inventory, July 1, 2019 Add: Cost of goods manufactured $ Cost of goods available for sale $ Less: Finished goods inventory, June 30, 2020 $ Cost of goods sold Gross profit 96,100 401,720 497,820 26,800 $ $ 471,020 80,280

CLARKSON COMPANY (Partial) Balance Sheet June 30, 2020 $ $ 35,800 35,400 Current assets: Cash Accounts receivable Inventories: Finished goods Work in process Raw materials Total current assets $ $ 26,800 27,500 48,400 $ $ 102,700 173,900