*Problem 1-4A (Video)

The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.

Raw Materials Inventory

7/1/19 $48,900 Factory Insurance $5,100

Raw Materials Inventory

6/30/20 46,900

Factory Machinery

Depreciation 18,000

Finished Goods

Inventory 7/1/19 97,700 Factory Utilities 30,000

Finished Goods

Inventory 6/30/20 21,600

Office Utilities

Expense 9,350

Work in Process

Inventory 7/1/19 25,200 Sales Revenue 558,900

Work in Process

Inventory 6/30/20 23,700 Sales Discounts 5,000

Direct Labor 142,050

Plant Managers

Salary 65,200

Indirect Labor 25,360

Factory Property

Taxes 9,710

Accounts Receivable 35,500 Factory Repairs 2,200

Raw Materials

Purchases 96,700

Cash 40,700

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

CLARKSON COMPANY

Cost of Goods Manufactured Schedule

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$

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$

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$

Prepare an income statement through gross profit.

CLARKSON COMPANY

(Partial) Income Statement

$

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$

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$

Prepare the current assets section of the balance sheet at June 30, 2020. (List Current Assets in order of liquidity.)

CLARKSON COMPANY

(Partial) Balance Sheet

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$

$