The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2014.

Raw Materials Factory Insurance $ 4,600 Inventory 7/1/13 $ 48,000 Factory Machinery Raw Materials Depreciation 16,000 Inventory 6/30/14 39,600 Factory Utilities 27,600 Finished Goods Offi ce Utilities Expense 8,650 Inventory 7/1/13 96,000 Sales Revenue 534,000 Finished Goods Sales Discounts 4,200 Inventory 6/30/14 75,900 Plant Manager’s Salary 58,000 Work in Process Factory Property Taxes 9,600 Inventory 7/1/13 19,800 Factory Repairs 1,400 Work in Process Raw Materials Purchases 96,400 Inventory 6/30/14 18,600 Cash 32,000 Direct Labor 139,250 Indirect Labor 24,460 Accounts Receivable 27,000 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, 2014.

AppendixLO1