The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory 7/1/16 $51,100 Factory Insurance $4,700 Raw Materials Inventory 6/30/17 46,000 Factory Machinery Depreciation 19,000 Finished Goods Inventory 7/1/16 98,200 Factory Utilities 29,100 Finished Goods Inventory 6/30/17 26,100 Office Utilities Expense 9,350 Work in Process Inventory 7/1/16 26,800 Sales Revenue 564,000 Work in Process Inventory 6/30/17 22,300 Sales Discounts 4,700 Direct Labor 147,750 Plant Manager's Salary 65,600 Indirect Labor 26,560 Factory Property Taxes 9,810 Accounts Receivable 27,100 Factory Repairs 1,600 Raw Materials Purchases 97,500 Cash 35,600 *****PREPARE AN INCOME STATEMENT THROUGH GROSS PROFIT** ***

The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory 7/1/16 $51,100 Factory Insurance $4,700 Raw Materials Inventory 6/30/17 46,000 Factory Machinery Depreciation 19,000 Finished Goods Inventory 7/1/16 98,200 Factory Utilities 29,100 Finished Goods Inventory 6/30/17 26,100 Office Utilities Expense 9,350 Work in Process Inventory 7/1/16 26,800 Sales Revenue 564,000 Work in Process Inventory 6/30/17 22,300 Sales Discounts 4,700 Direct Labor 147,750 Plant Manager's Salary 65,600 Indirect Labor 26,560 Factory Property Taxes 9,810 Accounts Receivable 27,100 Factory Repairs 1,600 Raw Materials Purchases 97,500 Cash 35,600 PREPARE AN INCOME STATEMENT THROUGH GROSS PROFIT

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Description: Please do not give solution in image format thanku Prepare an income statement through gross profit.CLARKSON COMPANY(Partial) Income Statement<<LA+ALA The following data were taken from therecords of Clarkson Company for the fiscalyear ended June 30,

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 33BE

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