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P1-4A Clarkson Company

Price: $2.50

The following data were taken from the records of Clarkson Company for the fiscal
year ended June 30, 2014.

Raw materials  Factory insurance  4,600
Inventory 7/1/13   48,000  Factory machinery
Raw materials    Depreciation  16,000
 Inventory 6/30/14   39,600  Factory utilities  27,600
Finished goods  Office utilities expense  8,650
Inventory 7/1/13   96,000  Sales revenue  534,000
Finished goods   Sales discounts  4,200
 Inventory 6/30/14   75,900  Plant manager's salary   58,000
Work in Process   Factory property taxes  9,600
Inventory 7/1/13   19,800  Factory repairs  1,400
Work in Process     Raw materials purchases  96,400
 Inventory 6/30/14   18,600  Cash  32,000
Direct Labor   139,250
Indirect Labor   24,460
Accounts Receivable   27,000

(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, 2014.

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