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 $50,200 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 $50,200 Factory Insurance $5,700 Raw Materials Inventory 6/30/17 42,000 Factory Machinery Depreciation 17,100 Finished Goods Inventory 7/1/16 98,100 Factory Utilities 28,800 Finished Goods Inventory 6/30/17 24,700 Office Utilities Expense 8,850 Work in Process Inventory 7/1/16 22,000 Sales Revenue 560,300 Work in Process Inventory 6/30/17 27,900 Sales Discounts 5,000 Direct Labor 139,350 Plant Managers Salary 64,900 Indirect Labor 24,760 Factory Property Taxes 9,610 Accounts Receivable 27,200 Factory Repairs 2,200 Raw Materials Purchases 97,000 Cash 37,300 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, 2017
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