The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017.

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, 2017.

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$ 4,600 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Raw Materials Inventory 7/1/16 Raw Materials $ 48,000 16,000 27,600 8,650 534,000 Inventory 6/30/17 Finished Goods 39,600 Inventory 7/1/16 Finished Goods 96,000 Sales Revenue Sales Discounts 4,200 Inventory 6/30/17 Work in Process Plant Manager's Salary Factory Property Taxes Factory Repairs 75,900 58,000 9,600 1,400 96,400 32,000 Inventory 7/1/16 Work in Process 19,800 Raw Materials Purchases Inventory 6/30/17 Direct Labor 18,600 Cash 139,250 24,460 27,000 Indirect Labor Accounts Receivable