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The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017 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 $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 Managers Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $5,400 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 COMPAN Cost of Goods Manufactured Schedule

Prepare an income statement through gross profit. CLARKSON COMPANY (Partial) Income Statement Prepare the current assets section of the balance sheet at June 30, 2017. (List Current Assets in order of liquidity.) CLARKSON COMPANY (Partial) Balance Sheet

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3 180119.docx - Microsoft Word Home Insert Pge Layout References Mailings Review ViewDeveloper cut Find Calibri (Body) Replace Paste Format Painter Blu*х, х Aa. a.Δ.- =-= а-н Normal No Spac Heading 2 Emphasis -Change 噓Select Heading i Title Subtitle Subtie Em StylesSelect GII Editing Font Styles 12 20 1. AmountIn$ Clarkson Com Cost Of Goods Manufactured Schedule For The Year Ending June 2017 Work In Progress 5,,200 Direct Material Raw Material Inventory AsOn 7/1/16 Add: Raw Material Purchased Total Raw Material Less: Raw Material As On 6/30/17 51,500 98,500 150,000 47,900 Direct Material Used Direct Labour 102,100 145,850 Manufacturing Overheads Indirect Labour Factory Utilities Factory Property Tax Plant Manager Salary Factory Repairs Depreciation 25,260 29,000 9,710 61,200 1,700 17,200 Total Overheads Total Cost Of Work In Process Less: work In Process On 6/30/17 144,070 417,220 21,000 Cost Of Goods Manufactured 396,220 Page: 1 of 2 Words: 224 English (India)

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