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I could use some help filling in the rest of the boxes where it has question marks and it says value. P1-4A Prepare a cost
I could use some help filling in the rest of the boxes where it has question marks and it says "value".
P1-4A Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet 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 Factory Insurance $16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 32,000 $48,000 Factory Machinery Depreciatior 39,600 Factory Utilities 96,000Office Utilities Expense 75,900 19,800 Sales Discounts 18,600 Sales Revenue Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases 139,250 24,460 27,000 4,600 Cash 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, 2017. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" (b) Prepare an income statement through gross profit. CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2017 Sales Revenues Sales Revenue Less: Sales discounts Net Sales $534,000 4,200 $538,200 Cost of goods sold Finished goods inventory, July 1, 2016 Cost of goods manufactured Cost of goods available for sale Less: Finished goods inventory, June 30, 201 96,000 Value Value Cost of goods sold Gross proftStep by Step Solution
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