Question
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory 7/1/16 $51,400 Factory
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory 7/1/16 $51,400 Factory Insurance $5,700 Raw Materials Inventory 6/30/17 44,000 Factory Machinery Depreciation 17,200 Finished Goods Inventory 7/1/16 99,000 Factory Utilities 29,600 Finished Goods Inventory 6/30/17 27,100 Office Utilities Expense 9,450 Work in Process Inventory 7/1/16 27,400 Sales Revenue 560,000 Work in Process Inventory 6/30/17 29,700 Sales Discounts 4,800 Direct Labor 145,350 Plant Managers Salary 63,700 Indirect Labor 26,460 Factory Property Taxes 9,610 Accounts Receivable 30,900 Factory Repairs 2,200 Raw Materials Purchases 97,600 Cash 35,400 Collapse question part (a) Partially correct answer. 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 Entry field with incorrect answer Entry field with incorrect answer $Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer $Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer 51,400 Entry field with incorrect answer Entry field with incorrect answer 97,600 Entry field with correct answer: Entry field with correct answer Entry field with correct answer 44,000 Entry field with incorrect answer $Entry field with correct answer 105,000 Entry field with correct answer Entry field with correct answer 145,350 Entry field with correct answer Entry field with correct answer Entry field with correct answer 5,700 Entry field with correct answer Entry field with correct answer 17,200 Entry field with correct answer Entry field with correct answer 29,600 Entry field with correct answer Entry field with correct answer 63,700 Entry field with correct answer Entry field with correct answer 26,460 Entry field with correct answer Entry field with correct answer 9,610 Entry field with correct answer Entry field with correct answer 2200 Entry field with incorrect answer Entry field with correct answer 154,470 Entry field with correct answer Entry field with correct answer 404,820 Entry field with incorrect answer Entry field with incorrect answer 27,400 Entry field with correct answer: Entry field with correct answer Entry field with correct answer 29,700 Entry field with correct answer $Entry field with correct answer 402,520
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To create a Cost of Goods Manufactured COGM schedule you need to follow these steps 1 Determine the total raw materials used Raw Materials Inventory B...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started