WILL THUMBS UP FULL ANSWER 4A nd The following data were taken from the records
ID: 2607805 • Letter: W
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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 "?" .Explanation / Answer
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 386910Related Questions
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