Current Attempt in Progress Larkspur Corporation incurred the following costs during 2022. Direct materials used in product $98,400 Advertising expense $36,900 Depreciation on factory 49,200 Property taxes on factory 11,500 Property taxes on store 6,150 Delivery expense 17,200 Labor costs of assembly-line workers 90,200 Sales commissions 28,700 Factory supplies used 18,900 Salaries paid to sales clerks 41,000 Work in process inventory was $9,850 at January 1 and $12,700 at December 31. Finished goods inventory was $49,200 at January 1 and $37,400 at December 31.

Current Attempt in Progress Larkspur Corporation incurred the following costs during 2022. Direct materials used in product $98,400 Advertising expense $36,900 Depreciation on factory 49,200 Property taxes on factory 11,500 Property taxes on store 6,150 Delivery expense 17,200 Labor costs of assembly-line workers 90,200 Sales commissions 28,700 Factory supplies used 18,900 Salaries paid to sales clerks 41,000 Work in process inventory was $9,850 at January 1 and $12,700 at December 31. Finished goods inventory was $49,200 at January 1 and $37,400 at December 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

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Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $121,000 61,000 7,600 111,000 24,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $46,000 15,000 22,000 36,000 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December 31.
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Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured.