AutoSave ExcelTemplateAssignment Cho1 (1) - Protected View Ex. File Home Insert Draw Page Layout Formulas Data Review View elp QuickBooks O PROTECTED VIEW Be careful-files trom the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing G35 1 P1-4A Prepare a cost of goods manufactured schodule, a partial income statement, and a partial balance sheet 2. 3 The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. 4. Raw Materials Inventory, 7/1/16 Raw Materials Inventory, 6/30/17 Finished Goods Inventory, 7/1/16 Finished Goods Inventory, 6/30/17 Work in Process Inventory, 7/1/16 Work in Process Inventory, 6/30/17 Direct Labor Indirect Labor Accounts Receivable Factory Insurance actory Machinery Depreciatio Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts $48,000 39,600 96,000 75,900 19,800 18,600 139,250 24,460 27,000 4,600 $16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 32,000 7. Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 10 11 12 13 14 15 16 Instructions 17 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) 18 (b) Prepare an income statement through gross profit. 19 (c) Prepare the current assets section of the balance sheet at June 30, 2017. 20 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 21 22 23 24 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) 25 CLARKSON COMPANY Cost of Goods Manufactured Schedule PLNA 26 27 E1-4 E1-12 E1-16 P1-SA CD1 AutoSave ExcelTemplateAssignment_Cho1 (1) - Protected View Ex. P Seach File Home Insert Draw Page Layout Formulas Review Data View Help Quickooks PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing G35 H. 24 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials) 25 26 CLARKSON COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30, 2017 27 28 Work in process inventory, July 1, 2016 Direct materials 29 Value 30 Raw materials inventory, July 1, 2016 Raw materials purchases Total raw materials available for use 31 Value 32 Value 33 Less: Raw materials inventory, June 30, 2017 Direct materials used 34 Value 35 36 Direct labor Value Manufacturing overhead Plant manager's salary Factory utilities Indirect labor Factory machinery depreciation Factory property taxes Factory insurance Factory repairs Total manufacturing overhead Total manufacturing costs Total cost of work in process Less: Work in process, June 30 Coct of aoode manufactured E1-4 37 Value 38 Value 39 Value Value Value Value 40 41 42 43 Value 44 45 46 47 Value 48 E1-12 El-16 P1-4A P1-SA CD1 Type here to search Diaw Page Layoul Formulas Data Review View Help QuickBooks PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing G35 Total cost of work in process Less: Work in process, June 30 Cost of goods manufactured 47 48 Value 49 50 51 52 (b) Prepare an income statement through gross profit. 53 CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2017 54 55 56 57 Sales Revenues Value Value 58 Sales Revenue 59 Less: Sales discounts 60 Net Sales Cost of goods sold Finished goods inventory, July 1, 2016 Cost of goods manufactured Cost of goods available for sale Less: Finished goods inventory, June 30, 201 Cost of goods sold Gross profit 61 Value Value 62 63 64 Value 65 66 67 68 69 70 (C) Prepare the current assets section of the balance sheet at June 30 , 2017 71 OLADI eONCO DANN P1-4A E1-4 E1-12 E1-16 P1-SA CD1 Type here to search AutoSave ExcelTemplateassignment Cho1 (1) - Protected View - Ex. File Home Insert Draw Page Layout Formulas Data Review View Help Quicksooks PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's saler to stay in Protected View. Enable Editing G35 G. 68 69 70 (C) Prepare the Current assets section of the balance sheet at June 30, 2017. 71 72 CLARKSON COMPANY (Partial) Balance Sheet June 30, 2017 Assets 73 74 75 Current assets Cash Accounts Receivable Inventories Finished goods Work in process Raw materials Total current assets 76 Value Value 77 78 79 80 Value Value 81 Value 82 83 84 85 86 87 After you have completed P1-4A, consider the additional question. 88 1. Assume that in preparing the cost of goods manufactured schedule, several errors were made. Raw materials purchases, sales revenue and factory depreciation should have been $106,400, $584,000 and $18,000 respectively. Show the impact of these changes on the cost of goods manufactured schedule, income statement and balance sheet. 89 90 91 92 02 E1-4 E1-12 E1-16 P1-4A P1-SA CD1