The following data have been taken from the accounting records of Lawson Corp. for this year end: Sales $1,088 Purchases of raw material$218 Direct labour $174 Manufacturing overhead$319 Administravtive expenses$203 Selling expenses $247 Beginning raw material inventory$87 Ending raw material inventory$131 Beginning WIP inventory$73 Ending WIP inventoy $87 Beginning finished goods inventory$145 Ending finished goods inventory$174 Required: (a.) Prepare a schedule of cost of goods manufactured in good form. (b.) Compute the cost of goods sold.DO NOT GIVE SOLUTION IN IMAGE FORMAT

Name: The following data have been taken from the accounting records of Laws
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Description: The following data have been taken from the accounting records of Lawson Corp. for this year end: Sales $1,088 Purchases of raw material$218 Direct labour $174 Manufacturing overhead$319 Administravtive expenses$203 Selli

Preparation Cost sheet, which Included preparation of prime cost, cost of goods manufacturing, cost…

Answered: his year end: Sales…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 1E: Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs...

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The following data have been taken from the accounting records of Lawson Corp. for this year end:

Sales			$1,088
Purchases of raw material	$218
Direct labour		$174
Manufacturing overhead	$319
Administravtive expenses	$203
Selling expenses		$247
Beginning raw material inventory	$87
Ending raw material inventory	$131
Beginning WIP inventory	$73
Ending WIP inventoy		$87
Beginning finished goods inventory	$145
Ending finished goods inventory	$174

Required:
(a.) Prepare a schedule of cost of goods manufactured in good form.
(b.) Compute the cost of goods sold.

DO NOT GIVE SOLUTION IN IMAGE FORMAT

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