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Compute the cost of goods sold

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Reference no: EM13519035

The following data (in thousands of dollars) have been taken from the accounting records of Larder Corporation for the just completed year.

Sales

$950

Purchases of raw materials

$170

Direct labor

$210

Manufacturing overhead

$200

Administrative expenses

$180

Selling expenses

$140

Raw materials inventory, beginning

$70

Raw materials inventory, ending

$80

Work in process inventory, beginning

$30

Work in process inventory, ending

$20

Finished goods inventory, beginning

$100

Finished goods inventory, ending

$70

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

Reference no: EM13519035

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