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 Factory Machinery 6/30/20 46,900 Depreciation 18,000 Finished Goods Inventory 7/1/19 97,700 Factory Utilities 30,000 Finished Goods Office Utilities Inventory 6/30/20 21,600 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 Manager's 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 Your answer is partially correct. Try again. 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, 2020 Work in Process Inventory, July 1, 2019 $ 25200 Direct Materials Raw Materials Inventory, July 1, 2019) $ 48900 Raw Materials Purchases 96700 Total Raw Materials Available for Use) 145600 Less: Raw Materials Inventory, June 30, 2020 46900 Direct Materials Used $ 98700 Direct Labor 142050 Manufacturing Overhead Plant Manager's Salary 65200 Factory Utilities 30000 Indirect Labor 25360 Factory Machinery Depreciation 1800 |Factory Property Taxes (9710) Factory Insurance 5100 Factory Repairs 2200 Total Manufacturing Overhead 155570 Total Manufacturing Costs Total Cost of Work in Process Inventory 421520 Less: Work in Process Inventory, June 30, 2020 23700 Cost of Goods Manufactured $ 397820 Your answer is partially correct. Try again. Prepare an income statement through gross profit.CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2020 Sales Revenue $ 558900 Less: Sales Discounts 15000 Net Sales $ 553900 Cost of Goods Sold Finished Goods Inventory, July 1, 2019 97700 Cost of Goods Manufactured 397820 Cost of Goods Available for Sale 495520 Less: Finished Goods Inventory, June 30, 2020 21600 Cost of Goods Available 473920 Gross Profit $ 79980 Your answer is partially correct. Try again. 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 June 30, 2020 Current Assets Cash $ 40700 Accounts Receivable 35500 Inventories Finished Goods Inventory $ 21600 Work in Process Inventory 46900 Raw Materials Inventory 23700 92200 Total Current Assets $ 168400