P1-4A Prepare a cost of goods manufactured schedule, a partial income statement,
ID: 2609265 • Letter: P
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P1-4A Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory,7/1/16 $48,000 Factory Machinery Depreciation $16,000 Raw Materials Inventory, 6/30/17 39,600 Factory Utilities 27,600 Finished Goods Inventory, 7/1/16 96,000 Office Utilities Expense 8,650 Finished Goods Inventory, 6/30/17 75,900 Sales Revenue 534,000 Work in Process Inventory, 7/1/16 19,800 Sales Discounts 4,200 Work in Process Inventory, 6/30/17 18,600 Plant Manager's Salary 58,000 Direct Labor 139,250 Factory Property Taxes 9,600 Indirect Labor 24,460 Factory Repairs 1,400 Accounts Receivable 27,000 Raw Materials Purchases 96,400 Factory Insurance 4,600 Cash 32,000 Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (b) Prepare an income statement through gross profit. (c) Prepare the current assets section of the balance sheet at June 30, 2017. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30, 2017 Work in process inventory, July 1, 2016 Value Direct materials Raw materials inventory, July 1, 2016 Value Raw materials purchases Value Total raw materials available for use ? Less: Raw materials inventory, June 30, 2017 Value Direct materials used ? Direct labor Value Manufacturing overhead Plant manager's salary Value Factory utilities Value Indirect labor Value Factory machinery depreciation Value Factory property taxes Value Factory insurance Value Factory repairs Value Total manufacturing overhead ? Total manufacturing costs ? Total cost of work in process ? Less: Work in process, June 30 Value Cost of goods manufactured ? (b) Prepare an income statement through gross profit. CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2017 Sales Revenues Sales Revenue Value Less: Sales discounts Value Net Sales ? Cost of goods sold Finished goods inventory, July 1, 2016 Value Cost of goods manufactured Value Cost of goods available for sale ? Less: Finished goods inventory, June 30, 2017 Value Cost of goods sold ? Gross profit ? (c) Prepare the current assets section of the balance sheet at June 30, 2017. CLARKSON COMPANY (Partial) Balance Sheet June 30, 2017 Assets Current assets Cash Value Accounts Receivable Value Inventories Finished goods Value Work in process Value Raw materials Value ? Total current assets ? P1-4A Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory,7/1/16 $48,000 Factory Machinery Depreciation $16,000 Raw Materials Inventory, 6/30/17 39,600 Factory Utilities 27,600 Finished Goods Inventory, 7/1/16 96,000 Office Utilities Expense 8,650 Finished Goods Inventory, 6/30/17 75,900 Sales Revenue 534,000 Work in Process Inventory, 7/1/16 19,800 Sales Discounts 4,200 Work in Process Inventory, 6/30/17 18,600 Plant Manager's Salary 58,000 Direct Labor 139,250 Factory Property Taxes 9,600 Indirect Labor 24,460 Factory Repairs 1,400 Accounts Receivable 27,000 Raw Materials Purchases 96,400 Factory Insurance 4,600 Cash 32,000 Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (b) Prepare an income statement through gross profit. (c) Prepare the current assets section of the balance sheet at June 30, 2017. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30, 2017 Work in process inventory, July 1, 2016 Value Direct materials Raw materials inventory, July 1, 2016 Value Raw materials purchases Value Total raw materials available for use ? Less: Raw materials inventory, June 30, 2017 Value Direct materials used ? Direct labor Value Manufacturing overhead Plant manager's salary Value Factory utilities Value Indirect labor Value Factory machinery depreciation Value Factory property taxes Value Factory insurance Value Factory repairs Value Total manufacturing overhead ? Total manufacturing costs ? Total cost of work in process ? Less: Work in process, June 30 Value Cost of goods manufactured ? (b) Prepare an income statement through gross profit. CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2017 Sales Revenues Sales Revenue Value Less: Sales discounts Value Net Sales ? Cost of goods sold Finished goods inventory, July 1, 2016 Value Cost of goods manufactured Value Cost of goods available for sale ? Less: Finished goods inventory, June 30, 2017 Value Cost of goods sold ? Gross profit ? (c) Prepare the current assets section of the balance sheet at June 30, 2017. CLARKSON COMPANY (Partial) Balance Sheet June 30, 2017 Assets Current assets Cash Value Accounts Receivable Value Inventories Finished goods Value Work in process Value Raw materials Value ? Total current assets ?Explanation / Answer
Solution:-
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Clarkson Company Cost of goods manufactured schedule For the year ended june 30, 2014 Work in progress 7/1/16 19,800 Direct materials Raw material inventory, 7/1/16 48,000 Raw material purchases 96,400 Total raw material available for use 144,400 Less raw material inventory 6/30/17 39,600 Direct material used 104,800 Direct labor 139,250 Manufacturing overhead Plant manager's salary 58,000 Factory utilities 27,600 Indirect labor 24,460 Factory machinery depreciation 16,000 Factory property taxes 9,600 Factory insurance 4,600 Factory repairs 1,400 Total manufacturing overhead 141,660 Total manufacturing costs 385,710 Total cost of work in process 405,510 Less: Work in process, June 30 18,600 Cost of goods manufactured 386,910Related Questions
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