The following data were taken from the records of Clarkson Manufacturing Company

Question

The following data were taken from the records of Clarkson Manufacturing Company for the fiscal year ended June 30, 2012. Raw Materials Inventory 7/1/11 $50,780 Factory Insurance $4,910 Raw Materials Inventory 6/30/12 49,040 Factory Machinery Depreciation 16,440 Finished Goods Inventory 7/1/11 98,510 Factory Utilities 29,840 Finished Goods Inventory 6/30/12 99,770 Office Utilities Expense 9,090 Work in Process Inventory 7/1/11 22,360 Sales 563,010 Work in Process Inventory 6/30/12 24,090 Sales Discounts 4,570 Direct Labor 148,710 Plant Manager

Explanation / Answer

Cost of Goods sold = 148,710 + 62,620 + 25,810 + 9,630 + 2,260 + 98,810 = 347840

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