The following data were taken from the records of Larkspur Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor Work in Process, July 1, 2021 Direct Materials Raw Materials Inventory, July 1, 2021 + Raw Materials Purchases Total Raw Materials Available for Use Direct Materials Used Less Raw Materials Inventory, June 30, 2022 Direct Labor ; Manufacturing Overhead Indirect Labor # ; + + $49,900 45,000 96,100 28,500 22,700 29,200 145,050 27,360 Accounts Receivable $ Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash LARKSPOR COMPANT Cost of Goods Manufactured Schedule For the Year Ended June 30, 2022 49900 98800 148700 45000 i 27360 $ $34,100 4,800 17,100 30,500 556,800 9,550 4,500 65,800 103700 9,910 98,800 145050 1,500 37,200 $
The following data were taken from the records of Larkspur Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor Work in Process, July 1, 2021 Direct Materials Raw Materials Inventory, July 1, 2021 + Raw Materials Purchases Total Raw Materials Available for Use Direct Materials Used Less Raw Materials Inventory, June 30, 2022 Direct Labor ; Manufacturing Overhead Indirect Labor # ; + + $49,900 45,000 96,100 28,500 22,700 29,200 145,050 27,360 Accounts Receivable $ Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash LARKSPOR COMPANT Cost of Goods Manufactured Schedule For the Year Ended June 30, 2022 49900 98800 148700 45000 i 27360 $ $34,100 4,800 17,100 30,500 556,800 9,550 4,500 65,800 103700 9,910 98,800 145050 1,500 37,200 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following data were taken from the records of Larkspur Company for the fiscal year ended June 30, 2022.
Raw Materials Inventory 7/1/21
Raw Materials Inventory 6/30/22
Finished Goods Inventory 7/1/21
Finished Goods Inventory 6/30/22
Work in Process Inventory 7/1/21
Work in Process Inventory 6/30/22
Direct Labor
Indirect Labor
Work in Process, July 1, 2021
Direct Materials
Raw Materials Inventory, July 1, 2021
Raw Materials Purchases
Total Raw Materials Available for Use
Direct Materials Used
Less : Raw Materials Inventory, June 30, 2022
Direct Labor
Manufacturing Overhead
+
Indirect Labor
+
+
+
$49,900
45,000
96,100
28,500
22,700
29,200
145,050
27,360
Accounts Receivable
$
Factory Insurance
Factory Machinery Depreciation
Factory Utilities
Office Utilities Expense
Sales Revenue
Sales Discounts
Factory Manager's Salary
Factory Property Taxes
Factory Repairs
Raw Materials Purchases
Cash
LARKSPOR COMPANT
Cost of Goods Manufactured Schedule
For the Year Ended June 30, 2022 +
49900
98800
148700
45000
27360
$
$34,100
17,100
4,800
30,500
556,800
9,550
65,800
103700
4,500
145050
9,910
98,800
1,500
37,200
Transcribed Image Text:Factory Insurance
Factory Machinery Depreciation
Factory Utilities
Factory Manager's Salary
Factory Property Taxes
Factory Repairs
Total Manufacturing Overhead
Total Manufacturing Costs
Total Cost of Work in Process
+
Cost of Goods Manufactured
ţ
+
+
+
+
Less: Work in Process, June 30, 2022
;
Prepare an income statement through gross profit.
11
+
+
+
+
4800
MEETU
$
17100
30500
65800
9910
1500
LARKSPUR COMPANY
Income Statement (Partial)
$
$
156970
101
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