The following data (in thousands of dollars) has been taken from the accounting records of Lanyard Corporation for the year just completed: $870 $110 $130 Sales Purchases 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 $200 $160 $140 $30 $60 $50 $10 $150 $140

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 Lanyard Corporation for the year just completed:
Sales
Purchases 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
$870
$110
$130
$200
$160
$140
$30
$60
$50
$10
$150
$140
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 Lanyard Corporation for the year just completed: Sales Purchases 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 $870 $110 $130 $200 $160 $140 $30 $60 $50 $10 $150 $140 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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