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


Related Solutions

The following data (in thousands of dollars) have been taken from the accounting records of the...
The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just-completed year. Sales $1,700 Raw materials inventory, beginning $50 Raw materials inventory, ending $25 Purchases of raw materials $210 Direct labor $360 Manufacturing overhead $330 Administrative expenses $400 Selling expenses $200 Work-in-process inventory, beginning $120 Work-in-process inventory, ending $150 Finished goods inventory, beginning $80 Finished goods inventory, ending $120 Use the above data to prepare (in thousands of dollars) a...
The following data (in thousands of dollars) have been taken from the accounting records of Larner...
The following data (in thousands of dollars) have been taken from the accounting records of Larner Corporation for the year just completed: Sales $870 Purchase of raw materials 100 Direct labour 140 Manufacturing overhead 220 Administrative expenses 150 Selling expenses 150 Raw materials inventory, beginning 50 Raw materials inventory, ending 75 Work-in-process inventory, beginning 60 Work-in-process inventory, ending 5 Finished goods inventory, beginning 120 Finished goods inventory, ending 180 Required: (a)  Prepare a schedule of cost of goods manufactured in good...
The following data (in thousands of dollars) have been taken from the accounting records of Larop...
The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just completed at the year Sales ................................................................................ Purchases of raw materials ............................................. Direct labor ..................................................................... Manufacturing overhead ................................................. Administrative expenses ................................................. Selling expenses.............................................................. ended of 31 March 2018 $870 $190 $200 $230 $150 $140 Raw material Work in process Finished goods Required: Inventory at Inventory at 31.3.2017 31.3.2018 $$ 10 40 20 50 90 130 a. Prepare a Schedule of Cost...
(TCO A) The following data (in thousands of dollars) have been taken from the accounting records...
(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just-completed year. Sales 1,300 Raw materials inventory, beginning 25 Raw materials inventory, ending 30 Purchases of raw materials 250 Direct labor 350 Manufacturing overhead 500 Administrative expenses 300 Selling expenses 250 Work in process inventory, beginning 150 Work in process inventory, ending 100 Finished goods inventory, beginning 80 Finished goods inventory, ending 110 Use the above data to...
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...
The following data (in thousands of dollars) have been taken from the accounting records of Adi’s...
The following data (in thousands of dollars) have been taken from the accounting records of Adi’s Custom Shoe Company as at September 30th Sales $ 450 Purchases of raw materials $ 50 Direct Labour $ 70 Manufacturing overhead $ 60 Administrative expenses $ 80 Selling expenses $ 65 Ram materials inventory, beginning $ 20 Ram materials inventory, ending $ 20 Work in process inventory, beginning $ 30 Work in process inventory, ending $ 20 Finished goods inventory, beginning $ 45...
The following data (in thousands of dollars) have been taken from the accounting records of Karling...
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the year just ended. Sales $990 Raw materials inventory, beginning $40 Raw materials inventory, ending $70 Purchases of raw materials $120 Direct labour $200 Manufacturing overhead $230 Administrative expenses $150 Selling expenses $140 Work-in-process inventory, beginning $70 Work-in-process inventory, ending $50 Finished goods inventory, beginning $120 Finished goods inventory, ending $160 1.) What was the cost of goods manufactured (finished) for the...
The following data (in thousands of dollars) have been taken from the accounting records of Larder...
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 Prepare journal entries to record the...
27. The following data (in thousands of dollars) have been taken from the accounting records of...
27. The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year. ​ Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative expenses   300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning 80 Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 ​ Required: a. What was the...
The following data have been taken from the accounting records of Graham Corporation for the year...
The following data have been taken from the accounting records of Graham Corporation for the year ended December 31, 2019. Total manufacturing overhead costs incurred $338,000 Manufacturing overhead applied to Work in Process 345,000 Purchases of raw materials 235,000 Direct labor 135,000 Raw materials inventory - January 1, 2019 10,000 Raw materials inventory - December 31, 2019 15,000 Work in process inventory - January 1, 2019 20,000 Work in process inventory - December 31, 2019 35,000 Finished goods inventory –...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT