Solution-Prepare an income statement through gross profit

Prepare an income statement through gross profit

Reference no: EM13520342

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.

Reference no: EM13520342

Questions Cloud

Explain what is the concentration of b in the sample : A sample of compound B having an unknown concentration is measured to have an absorbance of 0.90 in a 1.00 cm path length cell at 500 nm. What is the concentration of B in this sample, assuming Beer's Law holds

Prepare a condensed cost of goods manufactured : Prepare an income statement and the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets section - Prepare a condensed cost of goods manufactured schedule for Case

Compute the maximum current in the inductor : An inductor has a 56.6-? reactance when connected to a 60.0-Hz source. What is the maximum current in the inductor

Explain the kinetic runs was rinsed with water and not dried : Explain the possible effect of your results of the following experimetnal error or variations (a) the reaction flask you used in the kinetic runs was rinsed with water and not dried

Prepare an income statement through gross profit : Prepare a cost of goods manufactured schedule and prepare an income statement through gross profit.

What average current flows through the coil during that time : A circular coil enclosing an area of 99 cm2 is made of 202 turns of copper wire. The wire making up the coil has resistance of 6.0 , and the ends of the wire are connected to form a closed circuit. what average current flows through the coil during..

Explain the temperature of the water after the ring : What is the temperature of the water after the ring and water reach thermal equilibrium

Obtain the magnitude of the emf induced in the coil : A rectangular loop is located in a uniform magnetic field of magnitude 0.28 T directed perpendicular to the plane of the coil. obtain the magnitude of the emf induced in the coil

Prepare a correct income statement for october 2012 : Prepare a schedule of cost of goods manufactured for October 2012 - prepare a correct income statement for October 2012.

User Account

All Pages

Prepare an income statement through gross profit

Reference no: EM13520342

Reference no: EM13520342

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT