TART A 6 8 . B D E 1 P14.4A Prepare a cost of goods manufactured schedule a partial income statement and a partial balance sheet 2 3. The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020 4 5 Raw Materials Inventory 7/1/19 $48,000 actory Machinery Depreciatio $16,000 Raw Materials Inventory, 6/30/20 39,600 Factory Utilities 27 600 7 Finished Goods Inventory, 7/1/19 96,000 Office Utilities Expense 8,650 Finished Goods Inventory, 6/30/20 75,900 Sales Revenue 534,000 9 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 Accounts Receivable 27,000 Raw Materials Purchases 96,400 14 Factory Insurance 4,600 Dash 32,000 15 16 Instructions 17 (a) Prepare a cost of goods manufactured schedule. (Assume all raw matenals used were direct materials.) 18 (b) Prepare an income statement through gross profit. 19 (C) Prepare the current assets section of the balance sheet at June 30, 2020. 20 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 21 13 (a) Prepare a cost of goods manufactured schedule (Assume all raw materials used were direct materials) Value CLARKSON COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30 2020 Work in process inventory, July 1, 2019 Direct materials Raw materials inventory, July 1, 2019 Value Raw materials purchases Value Total raw materials available for use ? Less: Raw materials inventory, June 30, 2020 Value Direct materials used 2 Direct labor Value Manufacturing overhead Plant manager's salary Value Factory utilities Value Indirect labor Value Factory machinery depreciation Value Factory property taxes Value Factory insurance Value Factory repairs Value Total manufacturing overhead Total manufacturing costs Total cost of work in process Less. Work in process, June 30 Cost of goods manufactured 2 2 Value 12 (b) Prepare an income statement through gross profit 2 CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2020 Sales Revenues Sales Revenue Value Less: Sales discounts 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 ? Less: Finished goods inventory, June 30, 2020 Value Cost of goods sold Gross profit ? ? (c) Prepare the current assets section of the balance sheet at June 30, 2020. CLARKSON COMPANY (Partial) Balance Sheet June 30, 2020 Assets Current assets Cash Accounts Receivable Inventories Finished goods Value Work in process Value Raw materials Value Total current assets Value Value After you have completed P14 4A, consider the additional question 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