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Prepare an income statement through gross profit

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Reference no: EM131345530

The following data were taken from the records of Clarkson Manufacturing Company for the fiscal year ended June 30, 2012.

Raw Materials

Factory Insurance

$4,600

Inventory 7/1/11

$48,000

Factory Machinery

Raw Materials

Depreciation

16,000

Inventory 6/30/12

39,600

Factory Utilities

27,600

Finished Goods

Office Utilities Expense

8,650

Inventory 7/1/11

96000

Sales

534,000

Finished Goods

Sales Discounts

4,200

Inventory 6/30/12

75900

Plant Manager's Salary

58,000

Work in Process

Factory Property Taxes

9,600

Inventory 7/1/11

19800

Factory Repairs

1,400

Work in Process

Raw Materials Purchases

96,400

Inventory 6/30/12

18600

Cash

32,000

Direct Labor

139,250

Indirect Labor

24,460

Accounts Receivable

27,000

Instructions

(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, 2012.

Reference no: EM131345530

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