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. $16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 32,000 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 $48,000 39,600 96,000 75,900 19,800 18,600 139,250 24,460 27,000 4,600 actory Machinery Depreciatior Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Accounts Receivable Factory Insurance 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. Prepare the current assets section of the balance sheet at June 30, 2017 (c) NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (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, 2017 Work in process inventory, July 1, 2016 Direct materials Value Raw materials inventory, July 1, 2016 Raw materials purchases Value Value Total raw materials available for use 7 Value Less: Raw materials inventory, June 30, 2017 Direct materials used Value Direct labor Manufacturing overhead Plant manager's salary Factory utilities Indirect labor Value Value Value Value Value Value Value Factory machinery depreciation Factory property taxes Factory insurance Factory repairs Total manufacturing overhead Total manufacturing costs Total cost of work in process Less: Work in process, June 30 Cost of goods manufactured 7 Value (b) Prepare an income statement through gross profit. CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2017 Sales Revenues Value Sales Revenue Less: Sales discounts Value Net Sales 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, 2017 Cost of goods sold Value Value 7 Value 7 Gross profit (c) Prepare the current assets section of the balance sheet at June 30, 2017. CLARKSON COMPANY (Partial) Balance Sheet June 30, 2017 Assets Current assets Cash Value Accounts Receivable Value Inventories Finished goods Work in process Value Value Value Raw materials 7 Total current assets 7 After you have completed P1-4A, consider the additional question. 1. Assume that in preparing the cost of goods manufactured schedule, several errors were made. Raw materials purchases sales revenue and factory depreciation should have been $106,400, $584,000 and $18,000 respectively. Show the impact of these changes on the cost of goods manufactured schedule, income statement and balance sheet
