Reference no: EM132541159
The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just completed year.
Sales ................................................................................ $870
Purchases of raw materials ............................................. $190
Direct labor ..................................................................... $200
Manufacturing overhead ................................................. $230
Administrative expenses ................................................. $150
Selling expenses .............................................................. $140
Raw materials inventory, beginning ............................... $10
Raw materials inventory, ending .................................... $40
Work in process inventory, beginning ............................ $20
Work in process inventory, ending ................................. $50
Finished goods inventory, beginning .............................. $90
Finished goods inventory, ending ................................... $130
Required:
Question a. Prepare a Schedule of Cost of Goods Manufactured in good form.
Question b. Compute the Cost of Goods Sold.
Question c. Using data from your answers above as needed, prepare a Income Statement in good form
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