Question 1 The following data were taken from the records of Clarkson Company fo
ID: 2558270 • Letter: Q
Question
Question 1 The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. $5,100 17,300 30,600 8,550 560,600 4,800 61,500 9,810 2,000 97,600 41,900 $56,700 Factory Insurance Raw Materials Inventory 7/1/16 Raw Materials Inventory 6/30/17 Finished Goods Inventory 7/1/16 Finished Goods Inventory 6/30/17 Work in Process Inventory 7/1/16 Work in Process Inventory 6/30/17 Direct Labor Indirect Labor Accounts Receivable 40,400Factory Machinery Depreciation 96,100 Factory Utilities 20,100 Office Utilities Expense 28,600 Sales Revenue 24,500 Sales Discounts 142,850 Plant Manager's Salary 25,160 Factory Property Taxes 34,800 Factory Repairs Raw Materials Purchases Cash Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods ScheduleExplanation / Answer
Statement of Cost of Goods Manufactured and Sold Amount Amount Current manufacturing costs: Cost of materials placed in production: Opening Raw materials $ 56,700 Add: Purchases $ 97,600 Total Available $ 1,54,300 Closing Raw materials $ 40,400 $ 1,13,900 Manufacturing Overhead Direct Labour $ 1,42,850 Indirect Labour $ 25,160 Factory Utilities $ 30,600 Factory property tax $ 9,810 Factory Insurance $ 5,100 Factory Machiene Depreciation $ 17,300 Factory Repair and maintenance $ 2,000 Plant Manager's Salary $ 61,500 $ 2,94,320 Opening Work-in-process, $ 28,600 Total costs in process $ 4,36,820 Ending Work-in-process $ 24,500 Cost of goods manufactured $ 4,12,320 Add: Finished Goods inventory , Jan - 01 $ 96,100 Total Cost available for Sold $ 5,08,420 Less: Closing Stock of Finished Goods $ 20,100 Cost of Goods Sold $ 4,88,320 Statement of Retained Earning Sales Revenue 560600 Less: Sales Discount 4800 $ 5,55,800 Less: Cost of Goods Sold $ 4,88,320 Gross Revenue $ 67,480 Less: Office Utilities Expenses 8550 $ 8,550 Net Revenue $ 58,930 BALANCE SHEET (PARTIAL) AMOUNT Current Assets Cash $ 41,900 Account Receivable $ 34,800 Closing Stocks: Raw material inventory $ 40,400 Finished Goods inventory $ 20,100 Work in process invenotry $ 24,500 $ 85,000 $ 1,61,700 Stockholder's Equity: Net Earning $ 58,930
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.