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Posted by: Homeworkhelp
Price Quoted by Student: $6
Posted On: 2018-01-17 03:03:46
 
Question

The following data were taken from the records of Clarkson Company for the year ended June 30, 2014

P1-4A- Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet

P1-4A The following data were taken from the records of Clarkson Company for the year ended June 30, 2014:

Raw Materials Inventory, 7/1/13
$48,000
Factory Machinery Depreciation
16,000
Raw Materials Inventory, 6/30/14
39,600
Factory Utilities
27,600
Finished Goods Inventory, 7/1/13
96,000
Office Utilities Expense
8,650
Finished Goods Inventory, 6/30/14
75,900
Sales
534,000
Work in Process, 7/1/13
19,800
Sale Discounts
4,200
Work in Process, 6/30/14
18,600
Plant Manager's Salary
58,000
Direct labor
139,250
Factory Property Taxes
9,600
Indirect Labor
24,460
Factory Repairs
1,400
Account Receivable
27,000
Raw Materials Purchases
96,400
Factory Insurance
4,600
Cash
32,000


Instructions:

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

(b) Prepare an income statement through gross profit.
(c) Prepare the current assets section of the balance sheet at June 30, 2014. 


TUTORIAL PREVIEW

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

CLARKSON COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended June 30, 2014
Work in process, July 1, 2013
$19,800
Direct materials
Raw materials inventory, July 1, 2013
$48,000
Raw materials purchases
96,400
Total raw materials available for use
144,400
 
Less: Raw materials inventory, June 30, 2014
39,600
 


File name: P1-4A Clarkson Company.xls File type: xls  PRICE: $6


Solutions
TUTORIAL PREVIEW(a) Prepare a cost of goods m
Price $6
Attachment 1: P1-4A Clarkson Company.xls
Solution Posted By: Homeworkhelp    Posted on: 17-01-2018