*Please type out the answer. The following data (in thousands of dollars) have b
ID: 2437558 • Letter: #
Question
*Please type out the answer.
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
$225
Manufacturing overhead
$220
Administrative expenses
$180
Selling expenses
$140
Raw materials inventory, beginning
$90
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
Prepare a Schedule of Cost of Goods Manufactured statement in the text box below.
Sales
$950
Purchases of raw materials
$170
Direct labor
$225
Manufacturing overhead
$220
Administrative expenses
$180
Selling expenses
$140
Raw materials inventory, beginning
$90
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
Explanation / Answer
Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning 90 Add: Purchases of raw materials 170 Total raw materials available 260 Deduct: Raw materials inventory, ending 80 Raw materials used in production 180 Direct labor 225 Manufacturing overhead applied to work in process inventory 220 Total manufacturing costs 625 Add: Beginning work in process inventory 30 655 Deduct: Ending work in process inventory 20 Cost of goods manufactured 635
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