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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 $57.500 41.500 96.300 22.100 21,300 28.200 142.650 26.760 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 $29.900 4,900 17,000 31,100 8,550 561,300 4,300 65,100 9,610 1,500 99,400 42,100

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 $57.500 41.500 96.300 22.100 21,300 28.200 142.650 26.760 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 $29.900 4,900 17,000 31,100 8,550 561,300 4,300 65,100 9,610 1,500 99,400 42,100

FINANCIAL ACCOUNTING
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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List of accounts Accounts Receivable Administrative Expenses Cash Direct Labor Factory Depreciation Factory Insurance Factory Manager's Salary Factory Property Taxes Factory Repairs Factory Utilities Finished Goods Inventory Income Summary Income Tax Expense indirect Labor Manufacturing Summary Prepaid Expense Raw Materials Inventory Raw Materials Purchases Retained Earnings Sales Selling Expenses Work in Process Inventory
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 (a) $57,500 41,500 96.300 <<<< 22,100 21,300 28.200 142.650 26,760 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 $29,900 4,900 LARKSPUR COMPANY Cost of Goods Manufactured Schedule 17,000 31,100 8,550 561,300 4,300 65,100 9,610 1,500 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials) 99,400 42,100
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 (a) $57,500 41,500 96.300 <<<< 22,100 21,300 28.200 142.650 26,760 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 $29,900 4,900 LARKSPUR COMPANY Cost of Goods Manufactured Schedule 17,000 31,100 8,550 561,300 4,300 65,100 9,610 1,500 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials) 99,400 42,100
(b) Prepare an income statement through gross profit (c) eTextbook and Media List of Accounts Save for Later > > > > > > > LARKSPUR COMPANY Income Statement (Partial) Attempts: 0 of 2 used Submit Answer Prepare the current assets section of the balance sheet at June 30, 2022. (List Current Assets in order of liquidity) LARKSPUR COMPANY Balance Sheet (Partial) ASSETS
Transcribed Image Text:(b) Prepare an income statement through gross profit (c) eTextbook and Media List of Accounts Save for Later > > > > > > > LARKSPUR COMPANY Income Statement (Partial) Attempts: 0 of 2 used Submit Answer Prepare the current assets section of the balance sheet at June 30, 2022. (List Current Assets in order of liquidity) LARKSPUR COMPANY Balance Sheet (Partial) ASSETS
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