The following data were taken from the records of Clarkson Company for the fiscal year ended June
Question:
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.
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 statement of financial position at June 30, 2020.
Transcribed Image Text:
$ 4,600 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Raw Materials $ 48,000 Inventory 7/1/19 16,000 27,600 8,650 Raw Materials 39,600 Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods 96,000 Sales Revenue 534,000 4,200 Sales Discounts Inventory 6/30/20 Work in Process Plant Manager's Salary Factory Property Taxes Factory Repairs 75,900 58,000 9,600 Inventory 7/1/19 Work in Process 19,800 1,400 96,400 Raw Materials Purchases Inventory 6/30/20 18,600 Cash 32,000 Direct Labor 139,250 Indirect Labor 24,460 27,000 Accounts Receivable
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a CLARKSON COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30 2020 Work in process July 1 2019 19800 Direct materials Raw material...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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