Current Attempt in Progress The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $48,000 39,600 IN 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 Plant Manager's Salary Factory Property Taxes 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 Manufactured Schedule For the Year Ended June 30, 2020 $4,600 16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 32,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare an income statement through gross profit.
CLARKSON COMPANY
(Partial) Income Statement
CLARKSON COMPANY
(Partial) Balance Sheet
$
Prepare the current assets section of the balance sheet at June 30, 2020. (List Current Assets in order of liquidity.)
$
$
$
$
Transcribed Image Text:Prepare an income statement through gross profit. CLARKSON COMPANY (Partial) Income Statement CLARKSON COMPANY (Partial) Balance Sheet $ Prepare the current assets section of the balance sheet at June 30, 2020. (List Current Assets in order of liquidity.) $ $ $ $
Current Attempt in Progress
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.
Raw Materials Inventory 7/1/19
Raw Materials Inventory 6/30/20
Finished Goods Inventory 7/1/19
Finished Goods Inventory 6/30/20
Work in Process Inventory 7/1/19
Work in Process Inventory 6/30/20
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
Plant Manager's Salary
Factory Property Taxes
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 Manufactured Schedule
For the Year Ended June 30, 2020
10000
$4,600
16,000
27,600
8,650
534,000
4,200
58,000
9,600
1,400
96,400
32,000
Transcribed Image Text:Current Attempt in Progress The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 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 Plant Manager's Salary Factory Property Taxes 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 Manufactured Schedule For the Year Ended June 30, 2020 10000 $4,600 16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 32,000
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