The following data (in thousands of dollars) has been taken from the accounting records Aarya Engineering FZC Corporation for the just completed year. Sales Purchases of raw materials Direct labor Manufacturing overhead Administrative expenses Selling expenses Raw materials inventory, heginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, heginning Finished goods inventory, ending $860 $170 $220 $210 $120 $170 $10 $50 $80 $60 $110 $100

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following data (in thousands of dollars) has been taken from the accounting records of
Aarya Engineering FZC Corporation for the just completed year.
Sales
Purchases of raw materials
Direct labor
Manufacturing overhead
Administrative expenses
Selling expenses
Raw materials inventory, beginning
Raw materials inventory, ending
Work in process inventory, beginning
Work in process inventory, ending
$860
$170
$220
$210
$120
$170
$10
$50
$80
$60
$110
$100
Finished goods inventory, beginning
Finished goods inventory, ending
Required:
a. Prepare a Schedule of Cost of Goods Manufactured 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.
Transcribed Image Text:The following data (in thousands of dollars) has been taken from the accounting records of Aarya Engineering FZC Corporation for the just completed year. Sales Purchases of raw materials Direct labor Manufacturing overhead Administrative expenses Selling expenses Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending $860 $170 $220 $210 $120 $170 $10 $50 $80 $60 $110 $100 Finished goods inventory, beginning Finished goods inventory, ending Required: a. Prepare a Schedule of Cost of Goods Manufactured 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.
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