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The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2014. Raw Materials Factory Insurance $ 4,600
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2014. Raw Materials Factory Insurance $ 4,600 Inventory 7/1/13 $ 48,000 Factory Machinery Raw Materials Depreciation 16,000 Inventory 6/30/14 39,600 Factory Utilities 27,600 Finished Goods Office Utilities Expense 8,650 Inventory 7/1/13 96,000 Sales Revenue 534,000 Finished Goods Sales Discounts 4,200 Inventory 6/30/1475,900 Plant Manager's Salary 58.000 Work in Process Factory Property Taxes 9.600 Inventory 7/1/13 19,800 Factory Repairs 1.400 Work in Process Raw Materials Purchases 96,400 Inventory 6/30/1418,600 Cash 32.000 Direct Labor 139,250 Indirect Labor 24,460 Accounts Receivable 27,000 Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CGM 5386.910 (b) Prepare an income statement through gross profit. Gross profit $1222001 (c) Prepare the current assets section of the balance sheet at June 30, 2014. Current assets $193,100
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