Part 1. Problems. There are four problems. Each one is worth the score indicated

Question

Part 1. Problems. There are four problems. Each one is worth the score indicated next to the problem number. Show all work for complete credit. You may write your answers on the test or attach extra pages. Please be NEAT when writing your answers. I cannot grade illegible answers. (30 points possible) 1. (9 points) The following data have been taken from the accounting records of Larder Corporation for the just completed year. Sales. Purchases of raw materials ..$1,550,000 $345,000 Applied Manufacturing overhead... $360,000 Administrative expenses.$315,000 Selling expenses .. Raw materials inventory, beginning. Raw materials inventory, ending. Work in process inventory, beginning$120,000 Work in process inventory, ending.... Finished goods inventory, beginning..$150,000 $210,000 $170,000 $120,000 g$115,000 Finished goods inventory, ending.S165,000 Required a. b. c. Prepare a Schedule of Cost of Goods Manufactured in good form. Compute the Cost of Goods Sold. Using data from your answers above, prepare an Income Statement (using the traditional format)

Explanation / Answer

Schedule of cost of goods manufactured :

Schedule of cost of goods sold

Income statement

Note : Each question are independent question so please post each question individually

Direct material used Beginning raw material 170000 Raw material purchase 210000 Less: Ending raw material -120000 Direct material used 260000 Direct labour 345000 Applied overhead 360000 Total manufacturing cost 965000 Beginning work in process 120000 Total cost of work in process 1085000 Less: Ending work in process -115000 Cost of goods manufactured 970000

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