P1-4A ? Prepare a cost of goods manufactured schedule, a partial income statement,

and a partial balance sheet

Name: Course: Date: P1-4A - Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet Managerial Accounting, 6th Edition, by Weygandt, Kieso, and Kimmel Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse Problem P1-4A The following data were taken from the records of Clarkson Company for the year ended June 30, 2014: Raw Materials Inventory, 7/1/13 $48,000 Factory Machinery Depreciation 16,000 Raw Materials Inventory, 6/30/14 39,600 Factory Utilities 27,600 Finished Goods Inventory, 7/1/13 96,000 Office Utilities Expense 8,650 Finished Goods Inventory, 6/30/14 75,900 Sales 534,000 Work in Process, 7/1/13 19,800 Sale Discounts 4,200 Work in Process, 6/30/14 18,600 Plant Manager's Salary 58,000 Direct labor 139,250 Factory Property Taxes 9,600 Indirect Labor 24,460 Factory Repairs 1,400 Account Receivable 27,000 Raw Materials Purchases 96,400 Factory Insurance 4,600 Cash 32,000 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, 2014 Title Title Title Title Title Less: Title Title Title Title Title Title Title Title Title Title Title Title Amount Amount Amount Formula Amount Formula Amount Amount Amount Amount Amount Amount Amount Amount Formula Name: Course: Date: Title Title Less: Title Title Formula Formula Amount Formula (b) Prepare an income statement through gross profit. CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2014 Sales Revenues Title Title Title Cost of goods sold Title Title Title Title Title Title Amount Amount Formula Amount Formula Formula Amount Formula Formula (c) Prepare the current assets section of the balance sheet at June 30, 2014. CLARKSON COMPANY (Partial) Balance Sheet June 30, 2014 Assets Current assets Title Title Title Title Title Title Total current assets Amount Amount Amount Amount Amount Formula Formula Name: Course: Date: P2-5A - Analyze manufacturing accounts and determine missing amounts Managerial Accounting, 6th Edition, by Weygandt, Kieso, and Kimmel Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse Problem P2-5A Rodman Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the fiscal year. 12/01/14 BB 12/31/14 Purchases 12/31/14 EB 12/01/14 12/31/14 12/31/14 12/31/14 12/31/14 BB DM DL Overhead EB 12/01/14 BB 12/31/14 Completed jobs 12/31/14 EB 12/31/14 Factory wages 12/31/14 Ind matls 12/31/14 Ind labor 12/31/14 Oth overhead Raw Materials Inventory (a) 12/31/14 Requisitions 19,225 7,975 Work in Process Inventory (b) 12/31/14 Jobs completed (c) 8,800 (d) (e) Finished Goods Inventory (g) 12/31/14 COGS (h) (j) Factory Labor 12/31/14 12,025 Wages assigned Manufacturing Overhead 12/31/14 Ovrhd applied 1,900 (l) 1,245 16,850 (f) (i) (k) (m) Other data: 1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,750 and direct labor costs of $15,000 Overhead was applied at a rate that was 75% of direct labor costs. 2. During December, Job No. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $3,800 and direct labor $4,800 plus manufacturing overhead. All jobs, except Job No. 158, were completed in December. 3. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $5,000 On December 31, Job No. 157 was the only job finished that was not sold. It had a cost of $4,000 4. Manufacturing overhead was $230 overapplied in December. Instructions: List the letters (a) through (m) and indicate the amount pertaining to each letter. (a) Formula Text or formula as desired (b) Formula Text or formula as desired (c) Formula Text or formula as desired (d) Formula Text or formula as desired (e) Formula Text or formula as desired (f) Formula Text or formula as desired (g) Formula Text or formula as desired (h) Formula Text or formula as desired (i) Formula Text or formula as desired (j) $4,000 = $4,000 Given in other data (k) Formula Text or formula as desired (l) Formula Text or formula as desired (m) Formula Text or formula as desired