P11.4 (LO 3), AP The following data were taken from the records of Clarkson Company...
50.1K
Verified Solution
Link Copied!
Question
Accounting
P11.4 (LO 3), AP The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2022.
Raw Materials
Accounts Receivable
Inventory 7/1/21
$ 48,000
Factory Insurance
Raw Materials
Factory Machinery Depreciation
Inventory 6/30/22
39,600
Factory Utilities
Finished Goods
Office Utilities Expense
Inventory 7/1/21
96,000
Sales Revenue
Finished Goods
Sales Discounts
Inventory 6/30/22
75,900
Plant Manager's Salary
Work in Process
Factory Property Taxes
Inventory 7/1/21
19,800
Factory Repairs
Work in Process
Raw Materials Purchases
Inventory 6/30/22
Direct Labor
Indirect Labor
18,600
139,250
24,460
Cash
$ 27,000
4,600
16,000
27,600
8,650
534,000
4,200
58,000
9,600
1,400
96,400
32,000
Instructions
a. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
a. CGM
$386,910
b. Prepare an income statement through gross profit.
b. Gross profit
$122,790
c. Prepare the current assets section of the balance sheet at June 30, 2022.
c. Current assets
$193,100
Prepare a cost of goods manufactured schedule and a correct income statement.
P11.4 (LO 3), AP The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2022.
Raw Materials
Accounts Receivable
Inventory 7/1/21
$ 48,000
Factory Insurance
Raw Materials
Factory Machinery Depreciation
Inventory 6/30/22
39,600
Factory Utilities
Finished Goods
Office Utilities Expense
Inventory 7/1/21
96,000
Sales Revenue
Finished Goods
Sales Discounts
Inventory 6/30/22
75,900
Plant Manager's Salary
Work in Process
Factory Property Taxes
Inventory 7/1/21
19,800
Factory Repairs
Work in Process
Raw Materials Purchases
Inventory 6/30/22
Direct Labor
Indirect Labor
18,600
139,250
24,460
Cash
$ 27,000
4,600
16,000
27,600
8,650
534,000
4,200
58,000
9,600
1,400
96,400
32,000
Instructions
a. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
a. CGM
$386,910
b. Prepare an income statement through gross profit.
b. Gross profit
$122,790
c. Prepare the current assets section of the balance sheet at June 30, 2022.
c. Current assets
$193,100
Prepare a cost of goods manufactured schedule and a correct income statement.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.