Question 1 The following data (in thousands of dollars) have been taken from the accounting records...

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Question 1 The following data (in thousands of dollars) have been taken from the accounting records of Larner Corporation for the year just completed: $ Sales Purchase of raw materials Direct labour Manufacturing overhead 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 860 150 110 210 130 180 40 80 20 80 80 150 Required: (a) Prepare a schedule of cost of goods manufactured in good form. (b) Compute the cost of goods sold. (c) Using data from your answers above as needed, prepare an income statement in good form. Question 1 The following data (in thousands of dollars) have been taken from the accounting records of Larner Corporation for the year just completed: $ Sales Purchase of raw materials Direct labour Manufacturing overhead 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 860 150 110 210 130 180 40 80 20 80 80 150 Required: (a) Prepare a schedule of cost of goods manufactured in good form. (b) Compute the cost of goods sold. (c) Using data from your answers above as needed, prepare an income statement in good form.

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