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		$51,600		Factory Insurance		$5,200
Raw Materials Inventory 6/30/20		45,500		Factory Machinery Depreciation		17,900
Finished Goods Inventory 7/1/19		99,100		Factory Utilities		31,100
Finished Goods Inventory 6/30/20		22,300		Office Utilities Expense		9,450
Work in Process Inventory 7/1/19		29,600		Sales Revenue		557,100
Work in Process Inventory 6/30/20		28,100		Sales Discounts		5,000
Direct Labor		145,750		Plant Manager’s Salary		65,300
Indirect Labor		26,660		Factory Property Taxes		9,710
Accounts Receivable		35,400		Factory Repairs		2,200
				Raw Materials Purchases		99,000
				Cash		39,400

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

Answer 1

Clarkson Company Cost of Goods Manufactured Schedule For the Year Ended June 30, 2020
Work in Process, July 1, 2019			$ 29,600
Direct Materials :
Raw Materials Inventory, July 1, 2019	$ 51,600
Raw Materials Purchases	$ 99,000
Total Raw Materials Available for Use	$ 150,600
Less: Raw Materials Inventory, June 30, 2020	($ 45,500)
Direct Materials Used		$ 105,100
Direct Labor		$ 145,750
Manufacturing Overhead:
Indirect Labor	$ 26,660
Factory Insurance	$ 5,200
Factory Machinery Depreciation	$ 17,900
Factory Utilities	$ 31,100
Plant Manager’s Salary	$ 65,300
Factory Property Taxes	$ 9,710
Factory Repairs	$ 2,200
Total Manufacturing Overhead		$ 158,070
Total Manufacturing Costs			$ 408,920
Total Cost of Work in Process			$ 438,520
Less: Work in Process, June 30, 2020			($ 28,100)
Cost of Goods Manufactured			$ 410,420