Acct. 2 HW

ACCT2PART21.1.docx

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	$48,000	Factory Insurance	$4,600
Raw Materials Inventory 6/30/20	39,600	Factory Machinery Depreciation	16,000
Finished Goods Inventory 7/1/19	96,000	Factory Utilities	27,600
Finished Goods Inventory 6/30/20	75,900	Office Utilities Expense	8,650
Work in Process Inventory 7/1/19	19,800	Sales Revenue	534,000
Work in Process Inventory 6/30/20	18,600	Sales Discounts	4,200
Direct Labor	139,250	Plant Manager’s Salary	58,000
Indirect Labor	24,460	Factory Property Taxes	9,600
Accounts Receivable	27,000	Factory Repairs	1,400
		Raw Materials Purchases	96,400
		Cash	32,000

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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Prepare an income statement through gross profit.

CLARKSON COMPANY (Partial) Income Statement
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Prepare the current assets section of the balance sheet at June 30, 2020. (List Current Assets in order of liquidity.)

CLARKSON COMPANY (Partial) Balance Sheet

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