Question 1 The following data (in thousands of dollars) have been taken from the accounting records of Larner Corporation for the year just completed: $ Sales Purchase of raw materials Direct labour Manufacturing overhead Administrative expenses Selling expenses Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 860 150 110 210 130 180 40 80 20 80 80 150 Required: (e) Prepare a schedule cost of goods ma factured in good form. (b) Compute the cost of goods sold. (c) Using data from your answers above as needed, prepare an income statement in good form.

Question 1 The following data (in thousands of dollars) have been taken from the accounting records of Larner Corporation for the year just completed: $ Sales Purchase of raw materials Direct labour Manufacturing overhead Administrative expenses Selling expenses Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 860 150 110 210 130 180 40 80 20 80 80 150 Required: (e) Prepare a schedule cost of goods ma factured in good form. (b) Compute the cost of goods sold. (c) Using data from your answers above as needed, prepare an income statement in good form.

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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Required information [The following information applies to the questions displayed below] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 21,000 9,450 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper 4,780 33,000 50,000 Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended Naramhar 11 195,030 20,000 13,200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860…
Required: 1. Prepare a statement of cost of goods manufactured. 2. Prepare a statement of cost of go
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S Raw materials Work in process Finished goods Beginning Inventory $ 28,100 22,200 79,400 Raw materials purchases Indirect materials used Direct labor Additional information for the month of March follows: Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Required 1 Required 2 Inventory Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. $ 25,300 45,600 68,900 Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Based on the above information, prepare an income statement for the month of March. Stor Smart Company Income Statement For the Month of March Net Income (Loss) from Operations $ 41,300 1,800 63,900 36,000 24,900 237,600
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