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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 $50,000 Factory

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 $50,000 Factory Insurance $5,400
Raw Materials Inventory 6/30/20 47,300 Factory Machinery Depreciation 18,600
Finished Goods Inventory 7/1/19 97,800 Factory Utilities 31,000
Finished Goods Inventory 6/30/20 24,800 Office Utilities Expense 9,450
Work in Process Inventory 7/1/19 22,900 Sales Revenue 560,200
Work in Process Inventory 6/30/20 24,500 Sales Discounts 4,400
Direct Labor 144,850 Plant Managers Salary 65,600
Indirect Labor 25,160 Factory Property Taxes 9,810
Accounts Receivable 27,300 Factory Repairs 1,500
Raw Materials Purchases 96,900
Cash 41,500

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

Prepare an income statement through gross profit.

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

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