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, 2014 Raw Materials Inventory 7/1/13 Raw Materials Inventory 6/30/14 Finished Goods Inventory 7/1/13 Finished Goods Inventory 6/30/14 Work in Process Inventory 7/1/13 Work in Process Inventory 6/30/14 Direct Labor Indirect Labor Accounts Receivable $48,000 39,600 96,000 75,900 19,800 18,600 139,250 24,460 27,000 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts $4,600 16,000 27,600 8,650 534,000 4,200 58,000 9.600 1,400 96,400 32,000 Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash

Explanation / Answer

Clarkson Company Cost of goods Manufactured Schedule For the Year ended June 30, 2014 WIP Inventory - 7/1/13            19,800 Direct Materials Raw Material Inevntory - 7/1/13            48,000 Add: Raw Material Purchases            96,400 Total Raw Material available for use          144,400 Less: Raw Material Inevntory - 6/30/14          (39,600) Direct Materials Used          249,200 Direct Labour          139,250 Manufacturing Overhead Indirect labor            24,460 Factory insurance              4,600 Factory Machinery Depreciation            16,000 Factory Utilities            27,600 Plant Manager salary            58,000 Factory Property Taxes              9,600 Factory Repairs              1,400 Total Manufacturing Overhead          141,660 Total Manufacturing Costs          530,110 Less: WIP Inventory - 6/30/14          (18,600) Cost of goods Manufactured          531,310 Clarkson Company (Partial) Income Statement For the Year ended June 30, 2014 Sales Revenue          534,000 Less: Sales Discounts            (4,200) Net Sales Revenue          529,800 Less: Cost of Goods Sold Finished Goods Inventory - 7/1/13            96,000 Add: Cost of Goods manufactured          531,310 Goods Available for Sales          627,310 Less: Finished Goods Inventory - 6/30/14          (75,900) Cost of Goods Sold          551,410 Gross Profit          (21,610) Clarkson Company (Partial) Balance Sheet For the Year ended June 30, 2014 Current Assets Cash 32000 Accounts Receivables 27000 Inventory - 6/30/14 Finished Goods Inventory - 6/30/14            75,900 WIP Inventory - 6/30/14            18,600 Raw Material Inevntory - 6/30/14            39,600          134,100 Total Current Assets 193100

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