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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.
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