The following data were taken from the records of Clarkson Company for the fiscal year ended...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 $54,600 Factory Insurance 44,200 Factory Machinery Depreciation Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 96,800 26,300 Work in Process Inventory 7/1/19 24,600 Work in Process Inventory 6/30/20 29,600 Direct Labor 147,050 Indirect Labor 25,660 Accounts Receivable 35,300 Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $4,700 17,700 31,600 8,550 562,900 4,600 65,400 9,610 2,500 98,100 36,300 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule 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 $54,600 Factory Insurance 44,200 Factory Machinery Depreciation Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 96,800 26,300 Work in Process Inventory 7/1/19 24,600 Work in Process Inventory 6/30/20 29,600 Direct Labor 147,050 Indirect Labor 25,660 Accounts Receivable 35,300 Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $4,700 17,700 31,600 8,550 562,900 4,600 65,400 9,610 2,500 98,100 36,300 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule
Expert Answer:
Answer rating: 100% (QA)
CLARKSON COMPANY Cost of Goods Manufactured Schedule Particulars Work in Pr... View the full answer
Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1119392422
8th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
The following data were taken from the records of Clarkson Manufacturing Company for the fiscal year ended June 30, 2012. Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all...
-
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...
-
The following data were taken from the records of Cougar Enterprises, a Canadian manufacturer that uses a normal job-order costing system: During December, the company worked on jobs numbered 70...
-
The Chief Financial Officer at Ford Motor Company is said to usea hybrid-costing system. Define the hybrid-costing system. Explainthe advantages to this company to use this system. I want a 10 page 2...
-
What is discretionary reporting?
-
The following are independent situations. 1. The results for the economic performance confirms Sams predictions about the company. 2. The manager records the cost of a new building as an asset. 3. A...
-
Show that the two representations of the Stefan-Maxwell model given by Eqs. (21.4) and (21.5) are equivalent. ns -VA = j=1 y;Ni-yiNj CDij (21.4)
-
Prepare journal entries for each of the following selected transactions. a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $70,000 cash along with equipment...
-
Badger finds his spacecraft on the bottom of a hill, to quickly move his spacecraft up the hill and over the cliff, he ties a rope to himself and jumps over the cliff to pull the spacecraft, as shown...
-
Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also...
-
Evaluation of new project management software wouldbe the responsibilityof the program office. True or false
-
A pump is being used in a system that is circulating liquid hexane at 80F ( = 40.9 lbm/ft3). The volumetric flow rate of the hexane through the pump is 125 gallons per minute (gpm). Determine the...
-
HDFC recently issued masala bonds, paying an interest rate of 10 per cent, much higher than what it would have paid for a dollar-denominated bond. How did the bank justify the higher interest payment?
-
In 1991, India had foreign exchange reserves totalling US$5.8 billion, sufficient for funding only three weeks imports. Since then the country has accumulated over US$400 billion despite...
-
A residential natural gas furnace in a home has an average daily heat output of 32,000 Btu/h during the month of December to maintain the home at 70F. The natural gas being used has a density of...
-
What impact will the following have on the operating cycle? Please explain each separately. a. Receivables period goes up b. Inventory turnover goes up c. Payables turnover goes up d. A new manager...
-
The figure shows the soil profile at point 'A. The soil is the same above and under the water table. A building will be constructed on the top of the soil given in sketch 1, which will apply an...
-
As long as we can't lose any money, we have a risk-free investment." Discuss this comment. Q2: Both investing and gambling can be defined as "undertaking risk in order to earn a profit." Explain how...
-
Gundy Company expects to produce 1,200,000 units of Product XX in 2020. Monthly production is expected to range from 80,000 to 120,000 units. Budgeted variable manufacturing costs per unit are direct...
-
Vern Thoms is puzzled. His company had a profit margin of 10% in 2020. He feels that this is an indication that the company is doing well. Tina Amos, his accountant, says that more information is...
-
Carey Company had sales in 2019 of $1,560,000 on 60,000 units. Variable costs totaled $900,000, and fixed costs totaled $500,000. A new raw material is available that will decrease the variable costs...
-
A vertical belt is moving upward continuously through a liquid bath at a velocity $V$. A film of the liquid adheres to the belt, which tends to drain downward due to gravity. The equilibrium...
-
A slider bearing can be described as one plate moving with a velocity $V$ parallel to a stationary plate, with a viscous lubricant in between the plates. The force applied to the moving plate is $F$,...
-
Acrylic latex paint can be described as a Bingham plastic with a yield stress of $200 \mathrm{dyn} / \mathrm{cm}^{2}$, a limiting viscosity of $50 \mathrm{cP}$, and a density of $0.95 \mathrm{~g} /...
Study smarter with the SolutionInn App