Required: i. Prepare a Schedule of Cost of Goods Manufactured in good form! (5%) ii. Compute the Cost of Goods Sold! (5%) iii. Using data from your answers above as needed, prepare an Income Statement in good form! (5%
The data (in thousands of dollars) were extracted from Larop Corporation's financial reports for
the previous fiscal 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:
i. Prepare a Schedule of Cost of Goods Manufactured in good form! (5%)
ii. Compute the Cost of Goods Sold! (5%)
iii. Using data from your answers above as needed, prepare an Income Statement in
good form! (5%
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