Solution-Make a cost of goods manufactured schedule

Make a cost of goods manufactured schedule

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Reference no: EM133168919

Question - 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	$49,900	Accounts Receivable	$34,100
Raw Materials Inventory 6/30/22	45,000	Factory Insurance	4,800
Finished Goods Inventory 7/1/21	96,100	Factory Machinery Depreciation	17,100
Finished Goods Inventory 6/30/22	28,500	Factory Utilities	30,500
Work in Process Inventory 7/1/21	22,700	Office Utilities Expense	9,550
Work in Process Inventory 6/30/22	29,200	Sales Revenue	556,800
Direct Labor	145,050	Sales Discounts	4,500
Indirect Labor	27,360	Factory Manager's Salary	65,800
		Factory Property Taxes	9,910
		Factory Repairs	1,500
		Raw Materials Purchases	98,800
		Cash	37,200

Required -

(a) Make a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.)

(b) Make an income statement through gross profit.

Reference no: EM133168919

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Make a cost of goods manufactured schedule

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Reference no: EM133168919

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