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 $ 870 100 140 220 150 150 50 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 Required: 75 60 5 120 180 (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.
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 $ 870 100 140 220 150 150 50 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 Required: 75 60 5 120 180 (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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer must be in proper format otherwise i will give down vote
Transcribed Image Text: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
$
870
100
140
220
150
150
50
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
Required:
75
60
5
120
180
(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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