Given the data answer the following question: Sales Purchases of raw materials Direct labor Total Manufacturing Costs

Given the data answer the following question:

Transcribed Image Text:

Sales Purchases of raw materials Direct labor Total Manufacturing Costs Administrative expenses Selling expenses Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $950 $170 $210 $570 $180 $140 Hfor Home Run $70 $80 $30 $20 $100 $70 The above data (in thousands of dollars) have been taken from the accounting records of Larder Corporation for the just completed year. Required: (1) Calculate Direct materials used in production in good form (statement format). (2) Prepare a Schedule of Cost of Goods Manufactured in good form (statement format)... (3) Compute the Cost of Goods Sold in good form (statement format).. (4) Using data from your answers above as needed, prepare an Income Statement in good form (statement format). Sales Purchases of raw materials Direct labor Total Manufacturing Costs Administrative expenses Selling expenses Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $950 $170 $210 $570 $180 $140 Hfor Home Run $70 $80 $30 $20 $100 $70 The above data (in thousands of dollars) have been taken from the accounting records of Larder Corporation for the just completed year. Required: (1) Calculate Direct materials used in production in good form (statement format). (2) Prepare a Schedule of Cost of Goods Manufactured in good form (statement format)... (3) Compute the Cost of Goods Sold in good form (statement format).. (4) Using data from your answers above as needed, prepare an Income Statement in good form (statement format).