The following data (in thousands of dollars) have been taken from the accounting records of Larkin Corporation

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The following data (in thousands of dollars) have been taken from the accounting records of Larkin Corporation for the just completed year.
Sales ................................................................................................... $500
Purchases of raw materials .................................................................. $125
Direct labor .......................................................................................... $70
Manufacturing overhead ..................................................................... $105
Administrative expenses ..................................................................... $110
Selling expenses .................................................................................. $80
Raw materials inventory, beginning .................................................... $9
Raw materials inventory, ending ......................................................... $6
Work in process inventory, beginning................................................. $17
Work in process inventory, ending ...................................................... $30
Finished goods inventory, beginning.................................................. $20
Finished goods inventory, ending ....................................................... $40

Required: 
a. Prepare a Schedule of Cost of Goods Manufactured in good form.
b. Assuming the company produced the equivalent units of
i) 10,000
ii) 15,000 calculate unit product cost.
c. Using data from your answers above as needed, prepare an Income Statement in good form.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Introduction To Probability And Statistics

ISBN: 9781133103752

14th Edition

Authors: William Mendenhall, Robert Beaver, Barbara Beaver

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