Answer:
Cost of Goods Manufactured $ 367560
Net Income $ 105290
Explanation:
<em><u>Clarkson Company </u></em>
<em><u>Cost of Goods Manufactured Schedule</u></em>
<em><u>For the fiscal year ended June 30, 2020</u></em>
Raw Materials Inventory 7/1/19 $50,400
Add Raw Materials Purchases 99,300
Less Raw Materials Inventory 6/30/20 49,700
<em>Direct Materials Used 100,000</em>
Direct labor 149,050
<em>Factory Overhead 112,910</em>
Indirect labor 26,860
Factory Property Taxes 9,610
Factory Insurance $5,100
Plank Manager?s Salary 46,400
Factory Machinery Depreciation 18,500
Factory Utilities 31,100
Factory Repairs 2,200
<em>Total Manufacturing Costs 361,960</em>
Add Work in Process Inventory 7/1/19 27,800
<em>Cost of Goods Available For Manufacture 389,760</em>
Less Work in Process Inventory 6/30/20 22,200
<u>Cost of Goods Manufactured 367560</u>
<em><u>Clarkson Company </u></em>
<em><u>Income Statement</u></em>
<em><u>For the fiscal year ended June 30, 2020</u></em>
Sales
Sales Revenue 557,500
Less Sales Discounts 4,500
Nets Sales 553,000
Cost of Goods Manufactured 367560
Add Finished Goods Inventory 7/1/19 97,000
Cost Of Goods Available for Sale 464,560
Less Finished Goods Inventory 6/30/20 25,500
<u>Cost Of Goods Sold (</u><u>439,060)</u>
Gross Profit 113,940
Less
<u>Office utility Expense ( 8,650)</u>
<u>Net Income 105290</u>