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2-13 The following data have been taken from the accounting records of Lawson Corp. for this year end: Sales $920 Purchases of raw material 160
2-13 The following data have been taken from the accounting records of Lawson Corp. for this year end: | |||
Sales | $920 | ||
Purchases of raw material | 160 | ||
Direct labour | 120 | ||
Manufacturing overhead | 195 | ||
Administravtive expenses | 140 | ||
Selling expenses | 170 | ||
Beginning raw material inventory | 60 | ||
Ending raw material inventory | 90 | ||
Beginning WIP inventory | 50 | ||
Ending WIP inventoy | 80 | ||
Beginning finished goods inventory | 120 | ||
Ending finished goods inventory | 150 | ||
Required: | |||
(a.) Prepare a schedule of cost of goods manufactured in good form. | |||
(b.) Compute the cost of goods sold. |
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