ounting P15-4A The following data were taken from the records of Clarkson Compan
ID: 2606961 • Letter: O
Question
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 45,000Explanation / Answer
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 386910Related Questions
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