Question
From the trial balance and provided year-end information, prepare a worksheet for Lawrence Corporation (assume no adjustments). Complete the Statement of Cost of Goods Manufactured
From the trial balance and provided year-end information, prepare a worksheet for Lawrence Corporation (assume no adjustments).
Complete the Statement of Cost of Goods Manufactured columns in this step, and then the Income Statement columns and Balance Sheet columns in the steps that follow. (Abbreviations used: Acc. Dep. = Accumulated Depreciation, Depr. Exp. = Depreciation Expense, COG = Cost of Goods, and Manuf. = Manufactured. If an input field is not used in the worksheet, leave the field empty; do not enter a zero.)
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| Lawrence Corporation | ||||
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| Worksheet | |||
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| Statement of | |||
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| Trial Balance | COG Manuf. | |||
| Account | Debit | Credit | Debit | Credit | |
Cash | 6,240 |
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Raw Materials Inventory | 8,750 |
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Work-in-Process Inventory | 7,360 |
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Finished Goods Inventory | 9,910 |
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Factory Supplies | 3,150 |
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Prepaid Factory Insurance | 340 |
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Desks | 930 |
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Machinery | 56,500 |
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Acc. Dep., Machinery |
| 8,000 |
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Accounts Payable |
| 3,100 |
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Common Stock $10 Par |
| 59,000 |
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Retained Earnings |
| 7,960 |
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Sales |
| 116,210 |
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Raw Materials Purchases | 37,900 |
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Direct Labor | 21,380 |
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Indirect Labor | 10,100 |
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Machinery Repairs | 690 |
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Selling Expenses | 14,950 |
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Administrative Expense | 11,230 |
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Factory Supplies Expense | 1,260 |
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Depr. Exp., Machinery | 3,580 |
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Totals | 194,270 | 194,270 |
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Cost of Goods Manuf. |
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| Net Income |
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| Totals |
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Year-end Data Year-End Figures Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory 9,800 Print Done Trial Balance Trial Balance
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