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

Question

The following data (in thousands of dollars) have been taken from the accounting records of Larden Corporation for the just-completed year.
Sales $950
Purchases of raw materials $170
Direct labor $210
Manufacturing overhead $220
Administrative expenses $180
Selling expenses $140
Raw materials inventory, beginning $70
Raw materials inventory, ending $80
Work-in-process inventory, beginning $30
Work-in-process inventory, ending $20
Finished goods inventory, beginning $100
Finished goods inventory, ending $70
Required: Prepare a Schedule of Cost of Goods Manufactured statement in the text box below.

Explanation / Answer

Schedule of Cost of Goods Manufactured Direct materials: Direct materials inventory, beginning $ 70 Add purchases of raw materials 170 Total raw materials available 240 Deduct direct materials inventory, ending 80 Raw materials used in production $160 Direct labor 210 Manufacturing overhead applied 200 - ----- Total manufacturing costs 570 Add: Work in process, beginning 30 ------ 600 Deduct: Work in process, ending 20 Cost of goods manufactured $580

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