ounting P154A The following data were taken from the records

ounting P15-4A The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. S 4,600 Factory Insurance Factory Machinery Raw Materials $ 48,000 39,600 96,000 75,900 19,800 Inventory 7/1/16 Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager\'s Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 16,000 27,600 8,650 534,000 4.200 58,000 9,600 1,400 96,400 32,000 Raw Materials Finished Goods Finished Goods Work in Process Work in Process Inventory 6/30/17 Inventory 7/1/16 Inventory 6/30/17 Inventory 7/1/16 Inventory 6/30/17 Indirect Labor 18,600 139,250 24.460 27,000 Direct Labor Accounts Receivable Instructions 910 (a) Prepare a of 9 cost of goods manufactured schedule. (Asume all aw materials used were .790 100 direct materials.) (b) Prepare an income statement through gross profit. (c) Prepare the current assets section of the balance sheet at June 30, 2017. P15-5A Empire Company is a manufacturer of smart phones. Its controller resigned in e and a October 2017. An inexperienced assistant accountant has prepared the following income ent.statement for the month of October 2017. EMPIRE COMPANY Income Statement For the Month Ended October 31, 2017 Sales revenue Less: Operating expenses $780,000 Raw materials purchases Direct labor cost Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory eui $264,000 190,000 90,000 75,000 60,000 45,000

Solution

15-4A) Cost of goods manufactured schedule :

b) Income statement :

c) Current assets section :

Beginning work in process			19800
Beginning raw material inventory	48000
Raw material purchase	96400
Less: Ending raw material inventory	(39600)	104800
Direct labour		139250
Manufacturing overhead
Indirect labour	24460
Factory insurance	4600
Factory dep	16000
Factory utilities	27600
Plant manager\'s salary	58000
Factory property taxes	9600
Factory repairs	1400	141660
Total manufacturing cost			385170
			405510
Less: ending work in process			(18600)
Cost of goods manufactured			386910