CLARKSON COMPANY ( Partial) Income Statement

Problem 14-04A (Part Level Submission) 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 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $49,900 45,000 96,100 28,500 22,700 29,200 145,050 27,360 34,100 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $4,800 17,100 30,500 9,550 556,800 4,500 65,800 9,910 1,500 98,800 37,200 CALCULATOR (a) Your answer is partially correct. Try again. 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, 2020 Work In Process Inventory, July 1, 2019 22700 Direct Materials Raw Materials Inventory, July 1, 2019 49900 > Raw Materials Purchases 98800 Total Raw Materials Available for Use 148700 Less Raw Materials Inventory, June 30, 2020 45000 CALCULATOR Less y Raw Materials Inventory, June 30, 2020 45000 > Direct Materials Used 103700 $ Direct Labor 145050 Manufacturing Overhead Plant Manager's Salary 65800 Indirect Labor 27360 Factory Utilities 30500 Factory Machinery Depreciation 17100 Factory Insurance 4800 Factory Property Taxes 9910 Factory Repairs 1500 CALCULATOR Factory Repairs 1500 Total Manufacturing Overhead 156970 Total Manufacturing Costs 405720 Total Cost of Work in Process Inventory X 96100 Less Work in Process Inventory, June 30, 2020 29200 Cost of Goods Manufactured Click if you would like to Show Work for this question: Open Show Work CALCULATO (b) Prepare an income statement through gross profit. CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2020 Sales Revenue $ Less Sales Discounts Net Sales $ Cost of Goods Sold Finished Goods Inventory, July 1, 2019 Cost of Goods Manufactured Cost of Goods Available for Sale V Less Finished Goods Inventory, June 30, 2020 ES Net Sales CA $ Cost of Goods Sold > Finished Goods Inventory, July 1, 2019 Cost of Goods Manufactured