Question

In: Accounting

The following data (in thousands of dollars) have been taken from the accounting records of Larmont...

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

Sales

$990

Purchases of raw materials*

$100

Direct labour

$240

Indirect labour

$100

Indirect material

$10

Other Factory Overhead

$100

Administrative expenses

$100

Selling expenses

$140

Raw materials inventory, beginning*

$20

Raw materials inventory, ending*

$80

Work in process inventory, beginning

$50

Work in process inventory, ending

$30

Finished goods inventory, beginning

$160

Finished goods inventory, ending

$150

*Raw Materials Inventory consist of both direct and indirect materials.

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.

Solutions

Expert Solution

Since the purchase of raw materials $100 includes indirect material, the indirect material cost $10 is not considered as it is already considered under the purchase of raw materials.

Schedule of cost of goods manufactured:

Cost of goods sold:

Income statement:

Hope this helps :)

ekkarill92 answered 1 year ago
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