I need to prepare a “Cost of Goods Manufactured Schedule, Income Statement, & Ba
ID: 2413671 • Letter: I
Question
I need to prepare a “Cost of Goods Manufactured Schedule, Income Statement, & Balance Sheet” dugen.wileyplus.com/edugen/lti/main.uni ookmarks here on the bookmarks bar. Import bookmarks now.. eygandt, Accounting Principles, 12e elp I System Announcements roblem 19-4A he following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. $53,000 Factory Insurance Raw Materials Inventory 7/1/16 Raw Materials Inventory 6/30/17 Finished Goods Inventory 7/1/16 $4,800 18,600 30,500 8,750 48,400Factory Machinery Depreciation 97,400Factory Utilities 23,100 Office Utilities Expense 28,000 Sales Revenue 27,100 Sales Discounts 143,150 Plant Manager's Salary 25,760 Factory Property Taxes 32,700 Factory Repairs Finished Goods Inventory 6/30/17 Work in Process Inventory 7/1/16 563,100 Work in Process Inventory 6/30/17 Direct Labor Indirect Labor Accounts Receivable 5,000 64,200 9,610 1,700 Raw Materials Purchases 97,000 41,000 Cash Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) COMPANY Cost of Goods Manufactured ScheduleExplanation / Answer
Answer:
1
CLARKSON COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended June 30, 2017
Work in Process, 7/1/16
$28,000
Direct materials
Raw Materials Inventory, 7/1/16
$53,000
Raw Materials Purchases
97,000
Total raw materials available for use
150,000
Less: Raw Materials Inventory, 6/30/17
48,400
Direct materials used
$101,600
Direct labor
143,150
Manufacturing overhead
Plant Manager's Salary
64,200
Factory Utilities
30,500
Indirect Labor
25,760
Factory Machinery Depreciation
18,600
Factory Property Taxes
9,610
Factory Insurance
4,800
Factory Repairs
1,700
Total manufacturing overhead
155,170
Total manufacturing costs
399,920
Total cost of work in process
427,920
Less: Work in Process, 6/30/17
27,100
Cost of goods manufactured
$400,820
2
CLARKSON COMPANY
(Partial) Income Statement
For the Year Ended June 30, 2017
Sales Revenues
Sales
$563,100
Less: Sale Discounts
5,000
Net sales
$558,100
Cost of goods sold
Finished Goods Inventory, 7/1/16
97,400
Cost of goods manufactured (see schedule)
400,820
Cost of goods available for sale
498,220
Finished Goods Inventory, 6/30/17
23,100
Cost of goods sold
475,120
Gross profit
$82,980
3
CLARKSON COMPANY
(Partial) Balance Sheet
June 30, 2017
Assets
Current assets
Cash
$41,000
Account Receivable
32,700
Inventories
Finished Goods Inventory, 6/30/17
$23,100
Work in Process, 6/30/17
27,100
Raw Materials Inventory, 6/30/17
48,400
98,600
Total current assets
$172,300
CLARKSON COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended June 30, 2017
Work in Process, 7/1/16
$28,000
Direct materials
Raw Materials Inventory, 7/1/16
$53,000
Raw Materials Purchases
97,000
Total raw materials available for use
150,000
Less: Raw Materials Inventory, 6/30/17
48,400
Direct materials used
$101,600
Direct labor
143,150
Manufacturing overhead
Plant Manager's Salary
64,200
Factory Utilities
30,500
Indirect Labor
25,760
Factory Machinery Depreciation
18,600
Factory Property Taxes
9,610
Factory Insurance
4,800
Factory Repairs
1,700
Total manufacturing overhead
155,170
Total manufacturing costs
399,920
Total cost of work in process
427,920
Less: Work in Process, 6/30/17
27,100
Cost of goods manufactured
$400,820