The following data were taken from the records of Clarkson Company for the fisca

Question

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 $18,000 Factory Insuranore $4,600 16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 32,000 39,600 Factory Machinery Deprecdation 96,000 Factory Utilities 75,900 Office Utilities Expense 19,800 Sales Revenue 18,600 Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 139,250 24,460 27,000 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule

Explanation / Answer

Clarkson Company

Cost of goods manufactured schedule

Clarkson Company

(Partial) Income Statement

Clarkson Compnay

(Partial) Balance Sheet

Raw material begining inventory 48,000 Add: Purchases 96,400 Less : Raw material ending inventory -39,600 Raw materials consumed 104,800 Direct labor 139,250 Prime cost 244,050 Add: Manufacturing overheads: Indirect labor 24,460 Factory insurance 4,600 Factory machine depreciation 16,000 Factory utilities 27,600 Plant manager's salary 58,000 Factory property tax 9,600 Factory repairs 1,400 Total manufacturing overheads 141,660 Manufacturing cost 385,710 Add: Work in progress begining inventory 19,800 Less: Work in progress ending inventory -18,600 Cost of goods manufactured 386,910

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