The following data were taken from the records of Clarkson C

The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory 7/1/16 Raw Materials Inventory 6/30/17 Finished Goods Inventory 7/1/16 Finished Goods Inventory 6/30/17 Work in Process Inventory 7/1/16 Work in Process Inventory 6/30/17 Direct Labor Indirect Labor Accounts Receivable $51,000 Factory Insurance $5,000 17,200 30,500 9,550 556,300 5,000 65,000 9,710 2,400 98,400 35,800 48,400 Factory Machinery Depreciation 96,100 Factory Utilities 26,800Office Utilities Expense 25,200 Sales Revenue 27,500 Sales Discounts 148,650Plant Manager\'s Salany 24,560Factory Property Taxes 35,400 Fectory Repairs Raw Materials Purchases Cash (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule

Solution

Cost of Goods Manufactured Schedule :-

Particulars	Amount($)	Amount($)
Direct Materials Used :-
Add: Raw Material Inventory on July 1, 2016	51000
Add: Raw Material Purchase	98400
Less : Raw Material Inventory on july 30, 2017	(48400)
Direct Materials Used	101000	101000
Direct Labor		148650
Manufacturing Overhead :-
Plant Manager\'s Salary	65000
Indirect Labor	24560
Factory Utilities	30500
Factory Machinery Depreciation	17200
Factory Insurance	5000
Factory Property Taxes	9710
Factory Repairs	2400
Total Manufacturing Overhead	154370	154370
Total Manufacturing Cost		404020
Add : Work in Process July 1, 2016		25200
Less : Work in Process june 30, 2017		(27500)
Cost of Goods Manufactured		401720