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Complete solution and table: The following data refer to Laredo Luggage Company for the year 20x2: Sales revenue.......$475,000 Work-in-process inventory, December 31........15,000 Wark-in-process inventory, January
Complete solution and table:The following data refer to Laredo Luggage Company for the year 20x2: Sales revenue.......$475,000 Work-in-process inventory, December 31........15,000 Wark-in-process inventory, January 1.......20,000 Selling and administrative expenses.......75,000 Income tax expense......45,000 Purchases of raw material.....90,000 Raw-material inventory, December 31......12,500 Raw-material inventory, January 1......20,000 Direct labor......100,000 Utilities: plant.......20,000 Depreciation: plant and equipment......30,000 Finished-goods inventory, December 31......25,000 Finished-goods inventory, January 1.......10,000 Indirect material used........5,000 Indirect labor..........7,500 Other manufacturing overhead.....40,000 Required: 1. Prepare Laredo Luggage's schedule of cost of goods manufactured for the year. 2. Prepare Laredo Luggage's schedule of cost of goods sold for the year. 3. Prepare Laredo Luggage's income statement for the year.
Complete solution and table:
The following data refer to Laredo Luggage Company for the year 20x2: Sales revenue.......$475,000
Work-in-process inventory, December 31........15,000
Wark-in-process inventory, January 1.......20,000
Selling and administrative expenses.......75,000
Income tax expense......45,000
Purchases of raw material.....90,000
Raw-material inventory, December 31......12,500
Raw-material inventory, January 1......20,000
Direct labor......100,000
Utilities: plant.......20,000
Depreciation: plant and equipment......30,000
Finished-goods inventory, December 31......25,000
Finished-goods inventory, January 1.......10,000
Indirect material used........5,000
Indirect labor..........7,500
Other manufacturing overhead.....40,000
Required:
1. Prepare Laredo Luggage's schedule of cost of goods manufactured for the year.
2. Prepare Laredo Luggage's schedule of cost of goods sold for the year.
3. Prepare Laredo Luggage's income statement for the year.
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