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 $52,600 Factory Insurance $5,700 Raw Materials Inventory 6/30/20 49,400 Factory Machinery Depreciation 18,100 Finished Goods Inventory 7/1/19 99,400 Factory Utilities 29,900 Finished Goods Inventory 6/30/20 24,300 Office Utilities Expense 8,750 Work in Process Inventory 7/1/19 21,200 Sales Revenue 562,600 Work in Process Inventory 6/30/20 23,200 Sales Discounts 4,400 Direct Labor 142,650 Plant Manager's Salary 62,400 Indirect Labor 24,960 Factory Property Taxes 9,910 Accounts Receivable 31,400 Factory Repairs 1,600 Raw Materials Purchases 97,600 Cash 39,100

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 $52,600 Factory Insurance $5,700 Raw Materials Inventory 6/30/20 49,400 Factory Machinery Depreciation 18,100 Finished Goods Inventory 7/1/19 99,400 Factory Utilities 29,900 Finished Goods Inventory 6/30/20 24,300 Office Utilities Expense 8,750 Work in Process Inventory 7/1/19 21,200 Sales Revenue 562,600 Work in Process Inventory 6/30/20 23,200 Sales Discounts 4,400 Direct Labor 142,650 Plant Manager's Salary 62,400 Indirect Labor 24,960 Factory Property Taxes 9,910 Accounts Receivable 31,400 Factory Repairs 1,600 Raw Materials Purchases 97,600 Cash 39,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

(a)
Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
CLARKSON COMPANY
Cost of Goods Manufactured Schedule
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The following data were taken from the records of Clarkson Companyfor the fiscal year ended June 30, 2020.
Raw Materials Inventory 7/1/19
$52,600
Factory Insurance
$5,700
Raw Materials Inventory 6/30/20
49,400
Factory Machinery Depreciation
18,100
Finished Goods Inventory 7/1/19
99,400
Factory Utilities
29,900
Finished Goods Inventory 6/30/20
24,300
Office Utilities Expense
8,750
Work in Process Inventory 7/1/19
21,200
Sales Revenue
562,600
Work in Process Inventory 6/30/20
23,200
Sales Discounts
4,400
Direct Labor
142,650
Plant Manager's Salary
62,400
Indirect Labor
24,960
Factory Property Taxes
9,910
Accounts Receivable
31,400
Factory Repairs
1,600
Raw Materials Purchases
97,600
Cash
39,100
(a)
Drenare a cost of goods manufactured schedule (Assume all rour materials u sed were direct materials)

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