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 $51,000 Factory Insurance $5,000 17,200 30,500 9,550 556,300 5,000 65,000 9,710 2,400 98,400 35,800 48,400 Factory Machinery Depreciation 96,100 Factory Utilities 26,800Office Utilities Expense 25,200 Sales Revenue 27,500 Sales Discounts 148,650Plant Manager's Salany 24,560Factory Property Taxes 35,400 Fectory Repairs Raw Materials Purchases Cash (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule

Explanation / Answer

Cost of Goods Manufactured Schedule :-

Particulars Amount($) Amount($) Direct Materials Used :- Add: Raw Material Inventory on July 1, 2016 51000 Add: Raw Material Purchase 98400 Less : Raw Material Inventory on july 30, 2017 (48400) Direct Materials Used 101000 101000 Direct Labor 148650 Manufacturing Overhead :- Plant Manager's Salary 65000 Indirect Labor 24560 Factory Utilities 30500 Factory Machinery Depreciation 17200 Factory Insurance 5000 Factory Property Taxes 9710 Factory Repairs 2400 Total Manufacturing Overhead 154370 154370 Total Manufacturing Cost 404020 Add : Work in Process July 1, 2016 25200 Less : Work in Process june 30, 2017 (27500) Cost of Goods Manufactured 401720

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