WILL THUMBS UP FULL ANSWER 4A nd The following data were tak

WILL THUMBS UP FULL ANSWER

4A nd 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 Factory Insurance $48,000 39,600 96,000 75,900 19,800 18,600 139,250 24,460 27,000 4,600 Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager\'s Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash S16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 32,000 Instructions (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, 2017 NOTE: Enter a number in cells requesting a value enter either a number or a formula in cells with a \"?\" .

Solution

Prepare cost of goods manufactured Schedule :

Prepare income statement :

Partial balance sheet :

Beginning work in process			19800
Direct material
Raw material inventory July 1,2016	48000
Raw material inventory purchase	96400
Total raw material available for use	144400
Less: Raw material inventory june 30,2017	(39600)
Direct material used		104800
Direct labour		139250
Manufacturing overhead
Plant manager\'s salary	58000
Factory utilities	27600
Indirect labour	24460
Factory machine depreciation	16000
Factory property taxes	9600
Factory insurance	4600
Factory repairs	1400
Total manufacturing overhead		141660
Total manufacturing cost			385710
Total cost of work in process			405510
Less: Work in process , June 30, 2017			(18600)
Cost of goods manufactured			386910