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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.

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Expert Solution

ekkarill92 answered 1 year ago
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