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Clarkson Company: Schedule of Cost of Goods Manufactured

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

Raw Materials Inventory 7/1/13 $ 53,510 Factory Insurance $ 5,060
Raw Materials Inventory 6/30/14 43,480 Factory Machinery Depreciation 16,970
Finished Goods Inventory 7/1/13 97,120 Factory Utilities 29,310
Finished Goods Inventory 6/30/14 98,890 Office Utilities Expense 9,250
Work in Process Inventory 7/1/13 21,510 Sales Revenue 561,630
Work in Process Inventory 6/30/14 22,800 Sales Discounts 4,710
Direct Labor 142,020 Plant Manager's Salary 62,300
Indirect Labor 26,190 Factory Property Taxes 9,610
Accounts Receivable 33,320 Factory Repairs 2,350
Raw Materials Purchases 97,520
Cash 35,010

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Solution Summary

The solution provides a step by step working of arriving at the cost of goods manufactured; firstly computing direct materials used, direct labor, total manufacturing overhead, then total manufacturing costs and then finally to cost of goods manufactured.

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Radhika Lakshmi, MPhil
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  • MCom, Annamalai University
  • IATA, International Air Transport Association
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