Type your question here The following data were taken from the records of Clarks
ID: 2375551 • Letter: T
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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 $53,230 Factory Insurance $5,190 Raw Materials Inventory 6/30/14 44,250 Factory Machinery Depreciation 16,710 Finished Goods Inventory 7/1/13 97,770 Factory Utilities 30,460 Finished Goods Inventory 6/30/14 98,460 Office Utilities Expense 9,140 Work in Process Inventory 7/1/13 28,640 Sales Revenue 560,430 Work in Process Inventory 6/30/14 22,330 Sales Discounts 5,040 Direct Labor 148,230 Plant Manager%u2019s Salary 64,500 Indirect Labor 27,550 Factory Property Taxes 9,720 Accounts Receivable 35,070 Factory Repairs 1,870 Raw Materials Purchases 97,960 Cash 37,160
Explanation / Answer
Clarkson Company
Cost of Goods Manufactured
For the Year Ended June 30, 2014
Work in Process Inventory, July 1, 2013 28,640
Raw Materials:
Raw materials inventory, July 1, 2013 53,230
Purchases 97,960
Total cost of raw materials available for use 151,190
Raw materials inventory, June 30, 2014 (44,250)
Raw materials used 106,940
Direct Labor 148,230
Factory Overhead:
Factory insurance 5,190
Depreciation of factory machinery 16,710
Factory utilities 30,460
Plant Manager's salary 64,500
Indirect labor 27,550
Factory property taxes 9,720
Factory repairs 1,870
Total factory overhead 156,000
Total Work in Process During the Year 437,600
Work in Process Inventory, June 30,2014 (22,330)
Cost of Goods Manufactured 415,270
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