1. (9 points) The following data have been taken from the accounting records of Larder Corporation for the just completed yea. . $1,550,000 Sales…. P

1. (9 points) The following data have been taken from the accounting records of Larder Corporation for the just completed yea. . $1,550,000 Sales.... Purchases of raw materials Direct labor S210,000 $345,000 Administrative expenses Selling expenses. Raw materials inventory, beginning.. Raw materials inventory, ending. Applied Manufacturing overhead.... $360,000 $315,000 $210,000 $170,000 $120,000 Work in process inventory, beginning... $120,000 Work in process inventory, ending.... $115,000 Finished goods inventory, beginning $150,000 $165,000 Finished goods inventory, ending... Required: of Goods Manufactured in good form. b. c. Compute the Cost of Goods Sold. Using data from your answers above, prepare an Income Statement (using the traditional format) materials inven tory o F raw matertalS rialS availabb le law materis I5 inventory zlo.oo0

1. (9 points) The following data have been taken from the accounting records of Larder Corporation for the just completed yea. . $1,550,000 Sales…. Purchases of raw materials Direct labor S210,000 $345,000 Administrative expenses Selling expenses. Raw materials inventory, beginning.. Raw materials inventory, ending. Applied Manufacturing overhead…. $360,000 $315,000 $210,000 $170,000 $120,000 Work in process inventory, beginning… $120,000 Work in process inventory, ending…. $115,000 Finished goods inventory, beginning $150,000 $165,000 Finished goods inventory, ending… Required: of Goods Manufactured in good form. b. c. Compute the Cost of Goods Sold. Using data from your answers above, prepare an Income Statement (using the traditional format) materials inven tory o F raw matertalS rialS availabb le law materis I5 inventory zlo.oo0

Expert Answer

 

Opening inventory of raw material 170,000.00
Add: Purchase of Raw material 210,000.00
Less: Ending inventory of raw material 120,000.00
Raw Material consumed 260,000.00
Add: Direct Labour 345,000.00
Add: Applied manufacturing overhead 360,000.00
Add: Opening work in process 120,000.00
Less: Closing work in process 115,000.00
Add: Administrative expense 315,000.00
Cost of goods manufatured 1,285,000.00
Add: Opening inventory of finished goods 150,000.00
Less: Ending inventory of finished goods 165,000.00
Cost of goods sold 1,270,000.00
Add: Selling expense 210,000.00
Cost of sales 1,480,000.00
Add: Net profit 70,000.00
SALES 1,550,000.00
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