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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
Depreciation
16,000
Inventory 6/30/12
39,600
Factory Utilities
27,600
Finished Goods
Office Utilities Expense
8,650
96000
Sales
534,000
Sales Discounts
4,200
75900
Plant Manager"s Salary
58,000
Work in Process
Factory Property Taxes
9,600
19800
Factory Repairs
1,400
Raw Materials Purchases
96,400
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.
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