Question: The following data (in thousands of dollars) have been taken from accounting records of Larkin Corporation for the just completed year.
Sales................................................820.00
Purchase of raw materials........................180.00
Direct labor..........................................130.00
Manufacturing overhead............................200.00
Administrative expenses............................180.00
Selling expenses......................................140.00
Raw material inventory, beginning.................60.00
Raw material inventory, ending.....................20.00
Work in process inventory, beginning...............50.00
Work in process inventory, ending...................20.00
Finished goods inventory, beginning.................110.00
Finished goods inventory, ending.....................150.00
Q1. Prepare a Schedule of Cost of Goods Manufactured in good form
Q2. Compute the Cost of Goods Sold
Q3. Using data from your answers above as needed, prepare an Income Statement in good form.