Assume that in preparing the cost of goods manufactured schedule, several errors were made. Raw materials purchases, sales revenue and factory depreciation should have been $106,400, $584,000 and $18,000 respectively. Show the impact of these changes on the cost of goods manufactured schedule, income statement and balance sheet.
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017.

Instructions
(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
CLARKSON COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended June 30, 2017

(b) Prepare an income statement through gross profit.
CLARKSON COMPANY
(Partial) Income Statement
For the Year Ended June 30, 2017

(c) Prepare the current assets section of the balance sheet at June 30, 2017.
CLARKSON COMPANY
(Partial) Balance Sheet
June 30, 2017

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Raw Materials $48,000 Factory Machinery $16,000 Inventory,7/1/16 Depreciation Raw Materials Inventory, 39,600 27,600 Factory Utilities 6/30/17 Office Utilities Expense Finished Goods 96,000 8,650 Inventory, 7/1/16 Finished Goods Sales 75,900 534,000 Inventory, 6/30/17 Revenue Work in Process Sales 19,800 4,200 Inventory, 7/1/16 Discounts Plant Manager's Salary Work in Process 18,600 58,000 Inventory, 6/30/17 Direct Labor Factory Property Taxes 139,250 9,600 Indirect Labor Factory Repairs 24,460 1,400 Raw Materials Purchases Accounts Receivable 27,000 96,400 Cash Factory Insurance 4,600 32,000 Work in process inventory, July 1, 2016 19,800.00 Direct materials Raw materials inventory, July 1, 2016 48,000.00 Raw materials purchases 96,400.00 Total raw materials available for use 144,400.00 Less: Raw materials inventory, June 30, 2017 39,600.00 Direct materials used 104,800.00 Direct labor 139,250.00 Manufacturing overhead