P11.4 (LO 3), AP The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2022.

Raw Materials

Accounts Receivable

Inventory 7/1/21

$ 48,000

Factory Insurance

Raw Materials

Factory Machinery Depreciation

Inventory 6/30/22

39,600

Factory Utilities

Finished Goods

Office Utilities Expense

Inventory 7/1/21

96,000

Sales Revenue

Finished Goods

Sales Discounts

Inventory 6/30/22

75,900

Plant Manager's Salary

Work in Process

Factory Property Taxes

Inventory 7/1/21

19,800

Factory Repairs

Work in Process

Raw Materials Purchases

Inventory 6/30/22

Direct Labor

Indirect Labor

18,600

139,250

24,460

Cash

$ 27,000

4,600

16,000

27,600

8,650

534,000

4,200

58,000

9,600

1,400

96,400

32,000

Instructions

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

a. CGM

$386,910

b. Prepare an income statement through gross profit.

b. Gross profit

$122,790

c. Prepare the current assets section of the balance sheet at June 30, 2022.

c. Current assets

$193,100

Prepare a cost of goods manufactured schedule and a correct income statement.