Question

Problem 1-4A (Video) 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 $58,100 Factory Insurance $4,800 Raw Materials Inventory 6/30/20 46,600 Factory Machinery Depreciation 17,100 Finished Goods Inventory 7/1/19 99,700 Factory Utilities 29,400 Finished Goods Inventory 6/30/20 21,900 Office Utilities Expense 9,350 Work in Process Inventory 7/1/19 21,200 Sales Revenue 560,500 Work in Process Inventory 6/30/20 29,400 Sales Discounts 4,700 Direct Labor 147,550 Plant Manager’s Salary 63,400 Indirect Labor 25,360 Factory Property Taxes 9,910 Accounts Receivable 28,000 Factory Repairs 2,500 Raw Materials Purchases 97,300 Cash
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

Answer 1

Answer:

The question is missing cash value to the tune of $39200.00

The statement of goods manufactured schedule has $400,620.00   as the costs of goods manufactured

Secondly, the income statement has $ 77,380.00  as gross profit.

Lastly, the balance sheet has total current assets as  $165,100.00.

Find details in the attached excel file.

Explanation:

Please note that items relating net income were omitted as there was no requirement to calculate net income for the year,only gross profit is required.

Download xlsx