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 $54,800 Factory Insurance $5,300Raw Materials Inventory 6/30/20 49,200 Factory Machinery Depreciation 16,500Finished Goods Inventory 7/1/19 96,400 Factory Utilities 29,500Finished Goods Inventory 6/30/20 28,500 Office Utilities Expense 9,250Work in Process Inventory 7/1/19 22,600 Sales Revenue 561,300Work in Process Inventory 6/30/20 27,300 Sales Discounts 4,500Direct Labor 139,550 Plant Manager’s Salary 66,100Indirect Labor 24,960 Factory Property Taxes 9,710Accounts Receivable 34,900 Factory Repairs 2,300 Raw Materials Purchases 99,500 Cash 36,300 (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, 2020. (List Current Assets in order of liquidity.)

Name: The following data were taken from the records of Clarkson Company for
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Description: 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 $54,800 Factory Insurance $5,300Raw Materials Inventory 6/30/20 49,200 Factory Machinery Depreciation 16,500Fini

The cost of goods manufactured schedule is prepared to calculate the total cost of the goods…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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	$54,800	Factory Insurance	$5,300
Raw Materials Inventory 6/30/20	49,200	Factory Machinery Depreciation	16,500
Finished Goods Inventory 7/1/19	96,400	Factory Utilities	29,500
Finished Goods Inventory 6/30/20	28,500	Office Utilities Expense	9,250
Work in Process Inventory 7/1/19	22,600	Sales Revenue	561,300
Work in Process Inventory 6/30/20	27,300	Sales Discounts	4,500
Direct Labor	139,550	Plant Manager’s Salary	66,100
Indirect Labor	24,960	Factory Property Taxes	9,710
Accounts Receivable	34,900	Factory Repairs	2,300
		Raw Materials Purchases	99,500
		Cash	36,300

(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, 2020. (List Current Assets in order of liquidity.)

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