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 $48,390 Factory Insurance Raw Materials Inventory 6/30/14 39,690 $4,140 15,620 27,300 8,580 Factory Machiner Depreciation Factory Utilities Office Utilities Expense Sales Revenue Finished Goods Inventory 7/1/1396,320 Finished Goods Inventory 6/30/14 Work in Process Inventory 7/1/1319,950 Work in Process Inventory 6/30/14 Direct Labor Indirect Labor Accounts Receivable 79,510 530,710 3,930 58,950 9,330 1,510 96,810 31,620 18,280 Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 138,980 24,340 26,670

Explanation / Answer

Cost of Good Sold Direct material Beginning raw material inventory 7/1/2013 48390 Add: Raw Material Purchases 96810 Raw Material Available 145200 Less: Raw material Inventory 6/30/2014 39690 Raw Material Transferred to production 105510 Direct Labor 138980 Factory Overhead Indirect labor 24340 Factory Insurance 4140 Factory machinery Depreciation 15620 factory Utilities 27300 Plant manager Salary 58950 Factory Property taxes 9330 factory Repairs 1510 Total manufacturing Overhead 141190 Total Manufacturing Cost 385680 Add: Work in process Inventory 7/1/2013 19950 405630 Less: Work in process Inventory 6/30/2014 18280 Cost of Good Manufactured 387350 Partial Income statement Revenue Sales Revenue 530710 Less: sales Discount 3930 Net Sales Revenue 526780 Less: Cost of Good Sold Finished Goods Inventory 7/1/2013 96320 Cost of Good Manufactured 387350 Finished Goods Inventory 6/30/2014 79510 Total Cost of Good Sold 404160 Gross profit 122620 Less: selling and administrative Expenses Office Utilities 8580 Net Income 114040 Partial balance Sheet Assets Current assets Cash 31620 Accounts Receivable 26670 Inventory Raw material Inventory 39690 Work in process Inventory   18280 Finished Goods Inventory 79510 Inventory 137480 Total Current assets 195770

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.