Review View X Liberation Sans 12 25 Wrap Testy ' A Currency Paste Merge & Center $ % SUM Xfx ='P14-4A' H 4 9 A B C D 1 P14-4A Prepare a cost of goods manufactured schedule, a partial income statement and partial balance sheet 2 3 The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020 5 Raw Materials Inventory 7/1/19 $48,000 Factory Machinery Depreciation $16.000 6 Raw Materials Inventory, 6/30/20 39.600 Factory Utilities 27 600 2 Finished Goods Inventory, 771/19 96,000 Office Utilities Expense 8,650 Finished Goods Inventory, 6/30/20 75,900 Sales Revenue 534.000 Work in Process Inventory, 7/1/19 19,800 Sales Discounts 4,200 10 Work in Process Inventory. 6/30/20 18,600 Plant Manager's Salary 58,000 11 Direct Labor 139 250 Factory Property Taxes 9,600 12 Indirect labor 24 460 Factory Repairs 1,400 13 Accounts Receivable 27.000 Raw Materials Purchases 98,400 14 Factory Insurance 4,600 Cash 32.000 16 Instructions 17 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) 18 ( Prepare an income statement through gross profit 19 ) Prepare the current assets section of the balance sheet at June 30, 2020 20 NOTE: Enter a number in cells requesting a value; entor either a number or a formula in cells with a "?". 21 22 15 24 (a) 20 32 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 20:20 Work in process wentory, July 1, 2010 7-214-4A1 Direct materials Raw materials inventory, July 1, 2019 SO Raw materials purchases Value Total raw materials available for use Less: Raw materials inventory, June 30, 2020 Sun Direct materials used Direct labor Value Maracturing overhead Piant manager's salary Factory urines Value Indirect labor Value Factory machinery depreciation Value Factory property taxes Value Factory Value Factory repairs Value E14 E14.12 141 P14-4 PA 16 40 + MacBook Air esc DOO 80 F3 FI F2 DOO 15 * $ 4 % 5 2 3 6 7 chid Home Insert Draw Page Layout Formulas Data Review View 33 Wrap Text Paste === EE Currency $% 9 Marge & Center SUM A Liberation Sans 12 ' ' BIU anar 4Xf"P14-441 c D Factory repairs Total manufacturing overhead Total manufacturing costs Total cost of work in process Less: Work in proces, June 30 Cost of goods manufactured G H Value 44 45 46 47 ? Value 7 49 50 51 526) 53 Prepare an income statement through gross profit 55 56 58 59 CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2020 Sales Revenues Sales Revenue Value Less Sales discount Value Net Sales Cost of goods sold Finished goods inventory, July 1, 2019 Value Cost of goods manufactured Value Cost of goods available for sale ? Loss: Finished goods inventory, June 30, 2020 Value Cost of goods sold Gross profit 61 64 65 70 73 Prepare the current assets section of the balance sheet at June 30, 2020 CLAAKSON COMPANY Partian Balance Sheet + June 30, 2020 Assets Current as Cash Value Accounts Receivable Value Inventories Finish goods Value Work in process Raw materials Value Total current 34 E14 E14-12 14-10 P14 MacBook Air esc FI BO 13 00014 57 N # 3 $ 4 % 5 & 7 N 6 Value Inventories Finished goods Work in process Raw materials Total current assets Value Value Value ? 90 36 B7 After you have completed P14-4A, consider the additional question 88 1. Assume that in preparing the cost of goods manufactured schedule, several errors were made. Raw materials purchases, 89 sales revenue and factory depreciation should have been $198.400, S584,000 and $18,000 respectively. Show the impact of these changes on the cost of goods manufactured schedule Income statement and balance sheet 91 92 93 94 95 97 98 100 101 102 C100 E14-4 E14.12 P144 P15A + Point MacBook Air esc F1 80 OOO ODD i F2 F3 F4 F5 76 1 pred @ # LA % N &