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 $50,400 Factory Insurance $5,100
Raw Materials Inventory 6/30/20 49,700 Factory Machinery Depreciation 18,500
Finished Goods Inventory 7/1/19 97,000 Factory Utilities 31,100
Finished Goods Inventory 6/30/20 25,500 Office utility Expense 8,650
Work in Process Inventory 7/1/19 27,800 Sales Revenue 557,500
Work in Process Inventory 6/30/20 22,200 Sales Discounts 4,500
Direct labor 149,050 Plank Manager?s Salary 46,400
Indirect labor 26,860 Factory Property Taxes 9,610
Account receivable 29,700 Factory Repairs 2,200
Raw Materials Purchases 99,300
Cash 34,000
a. Prepare a cost of goods manufactured schedule.
b. Prepare an Income statement through gross profit.

Cost of Goods Manufactured  $ 367560

Net Income $ 105290

Explanation:

Clarkson Company

Cost of Goods Manufactured Schedule

For the fiscal year ended June 30, 2020

Raw Materials Inventory 7/1/19 $50,400

Add Raw Materials Purchases 99,300

Less Raw Materials Inventory 6/30/20 49,700

Direct Materials Used 100,000

Direct labor 149,050

Factory Overhead  112,910

Indirect labor 26,860

Factory Property Taxes 9,610

Factory Insurance $5,100

Plank Manager?s Salary 46,400

Factory Machinery Depreciation 18,500

Factory Utilities 31,100

Factory Repairs 2,200

Total Manufacturing Costs  361,960

Add Work in Process Inventory 7/1/19 27,800

Cost of Goods Available For Manufacture 389,760

Less Work in Process Inventory 6/30/20 22,200

Cost of Goods Manufactured 367560

Clarkson Company

Income Statement

For the fiscal year ended June 30, 2020

Sales

Sales Revenue 557,500

Less Sales Discounts 4,500

Nets Sales                                                                       553,000

Cost of Goods Manufactured 367560

Add Finished Goods Inventory 7/1/19 97,000

Cost Of Goods Available for  Sale 464,560

Less Finished Goods Inventory 6/30/20 25,500

Cost Of Goods Sold                                                         (439,060)

Gross Profit                                                                     113,940

Less

Office utility Expense                                                    (  8,650)

Net Income                                                                     105290

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