The following data were taken from the records of Clarkson Company for the fiscal year ended June 30,2014.
|
Raw Materials Inventory 7/1/13 $48,000 |
Factory Insurance $4,600 |
|
Raw Materials Inventory 6/30/2014 $39,600 |
Factory Machinery Depreciation $16,000 |
|
Finished Goods Inventory 7/1/13 $96,000 |
Factory Utilities $27,600 |
|
Finished Goods Inventory 6/30/14 $75,900 |
Office Utilities Expense $8,650 |
|
Work in Progress Inventory 7/1/13 $19,800 |
Sales Revenue $534,000 |
|
Work In Progress Inventory 6/30/14 $18,600 |
Sales Discounts $4,200 |
| Direct Labor $139,250 | Plant Managers Salary $58,000 |
| Indirect Labor $24,460 | Factory Property Taxes $9,600 |
| Accounts Receivable $27,000 | Factory Repairs $1,400 |
| Raw Materials Purchases $96,400 | |
| Cash $32,000 | |
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, 2014