Problem 14-4A 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 $57,500 41,500 96,300 22,100 21,300 28,200 142,650 26,760 29,900 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue $4,900 17,000 31,100 8,550 561,300 4,300 65,100 9,610 1,500 99,400 42,100 Direct Labor Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Indirect Labor Accounts Receivable Cash 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 21300 Direct Materials Raw Materials Inventory, July 1, 2016 57500 Raw Materials Purchases 99400 Total Raw Materials Available for Use A 156900 Less A Raw Materials Inventory, June 30, 2017 (41500) Direct Materials Used 115400 Direct Labor 142650 Manufacturing Overhead Indirect Labor 26760 Factory Insurance 4900 Factory Machinery Depreciation 17000 Factory Utilities 31100 Factory Repairs 1500 Factory Property Taxes 9610 Plant Manager's Salary A 65100 Total Manufacturing Overhead 155970 Total Manufacturing Costs 414020 Total Cost of Work in Process Inventory 56400 Less : Work in Process Inventory, June 30, 2017 - (28200) Cost of Goods Manufactured 407120 $ Prepare an income statement through gross profit. CLARKSON COMPANY (Partial) Income Statement $ : $ Prepare the current assets section of the balance sheet at June 30, 2017. (List Current Assets in order of liquidity.) CLARKSON COMPANY (Partial) Balance Sheet $ $ $