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Pleas show all your work and identify which formula you used and what the variables of the equation are P1.4A (LO 3), AP The following
Pleas show all your work and identify which formula you used and what the variables of the equation are
P1.4A (LO 3), AP The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020 Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet Excel S 4,600 Raw Materials Factory Insurance Inventory 7/1/19 48,000 Factory Machinery Raw Materials Depreciation 16,000 39,600 Inventory 6/30/20 Factory Utilities 27,600 Office Utilities Expense Finished Goods 8,650 Inventory 7/1/19 96,000 Sales Revenue 534,000 Finished Goods Sales Discounts 4,200 Inventory 6/30/20 Plant Manager's Salary 75,900 58,000 Factory Property Taxes Factory Repairs Work in Process 9,600 Inventory 7/1/19 19,800 1,400 96,400 Work in Process Raw Materials Purchases Inventory 6/30/20 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.) CGM $386,910 b. Prepare an income statement through gross profit Gross profit $122,790 c. Prepare the current assets section of the balance sheet at June 30, 2020 Current assets $193,100Step by Step Solution
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