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		$54,600		Factory Insurance		$4,700
Raw Materials Inventory 6/30/20		44,200		Factory Machinery Depreciation		17,700
Finished Goods Inventory 7/1/19		96,800		Factory Utilities		31,600
Finished Goods Inventory 6/30/20		26,300		Office Utilities Expense		8,550
Work in Process Inventory 7/1/19		24,600		Sales Revenue		562,900
Work in Process Inventory 6/30/20		29,600		Sales Discounts		4,600
Direct Labor		147,050		Plant Managers Salary		65,400
Indirect Labor		25,660		Factory Property Taxes		9,610
Accounts Receivable		35,300		Factory Repairs		2,500
				Raw Materials Purchases		98,100
				Cash		36,300

b)Prepare an income statement through gross profit.

CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2020 Sales Revenue 564000 Less : 4700 Net Sales 559300 Cost of Goods Sold Finished Goods Inventory, July 1, 2019 98,200 Cost of Goods Manufactured 411,220 Cost of Goods Available for Sale 509,420 26,100 Less : Cost of Goods Sold 483,320 Gross Profit 75980