E-2. The following data (in thousands of dollars) have been taken from the accounting records of...

Transcribed Image Text:

E-2. The following data (in thousands of dollars) have been taken from the accounting records of Larder Corporation for the just completed year. Sales. . $950 Purchases of raw materials . $170 Direct labor. $210 Manufacturing overhead. . Administrative expenses.. Selling expenses. Raw materials inventory, beginning. Raw materials inventory, ending. $200 $180 $140 $70 $80 Work in process inventory, beginning- $30 Work in process inventory, ending.. Finished goods inventory, beginning.. Finished goods inventory, ending... $20 $100 $70 Required: ANS PART B AND C b. Compute the Cost of Goods Sold. c. Using data from your answers above as needed, prepare an Income Statement in good form E-2. The following data (in thousands of dollars) have been taken from the accounting records of Larder Corporation for the just completed year. Sales. . $950 Purchases of raw materials . $170 Direct labor. $210 Manufacturing overhead. . Administrative expenses.. Selling expenses. Raw materials inventory, beginning. Raw materials inventory, ending. $200 $180 $140 $70 $80 Work in process inventory, beginning- $30 Work in process inventory, ending.. Finished goods inventory, beginning.. Finished goods inventory, ending... $20 $100 $70 Required: ANS PART B AND C b. Compute the Cost of Goods Sold. c. Using data from your answers above as needed, prepare an Income Statement in good form