P11.4 (LO 3), AP The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2022.
Raw Materials
Accounts Receivable
Inventory 7/1/21
$ 48,000
Factory Insurance
Factory Machinery Depreciation
Inventory 6/30/22
39,600
Factory Utilities
Finished Goods
Office Utilities Expense
96,000
Sales Revenue
Sales Discounts
75,900
Plant Manager's Salary
Work in Process
Factory Property Taxes
19,800
Factory Repairs
Raw Materials Purchases
Direct Labor
Indirect Labor
18,600
139,250
24,460
Cash
$ 27,000
4,600
16,000
27,600
8,650
534,000
4,200
58,000
9,600
1,400
96,400
32,000
Instructions
a. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
a. CGM
$386,910
b. Prepare an income statement through gross profit.
b. Gross profit
$122,790
c. Prepare the current assets section of the balance sheet at June 30, 2022.
c. Current assets
$193,100
Prepare a cost of goods manufactured schedule and a correct income statement.
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