The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.

Instructions

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

b. Prepare an income statement through gross profit.

c. Prepare the current assets section of the balance sheet at June 30, 2020.

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$ 4,600 Raw Materials Factory Insurance $ 48,000 Factory Machinery Inventory 7/1/19 Raw Materials Depreciation 16,000 Inventory 6/30/20 39,600 Factory Utilities 27,600 Office Utilities Expense Finished Goods 8,650 Inventory 7/1/19 96,000 Sales Revenue 534,000 Sales Discounts Finished Goods 4,200 75,900 Plant Manager's Salary Inventory 6/3O/20 58,000 Work in Process 9,600 Factory Property Taxes 19,800 Factory Repairs Inventory 7/1/19 1,400 Work in Process Raw Materials Purchases 96,400 18,600 Cash Inventory 6/30/20 Direct Labor Indirect Labor 32,000 139,250 24,460 Accounts Receivable 27,000