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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.)

Lawrence Corporation

Worksheet

Statement of

Trial Balance

COG Manuf.

Account

Debit

Credit

Debit

Credit

Cash

6,240

Raw Materials Inventory

8,750

Work-in-Process Inventory

7,360

Finished Goods Inventory

9,910

Factory Supplies

3,150

Prepaid Factory Insurance

340

Desks

930

Machinery

56,500

Acc. Dep., Machinery

8,000

Accounts Payable

3,100

Common Stock $10 Par

59,000

Retained Earnings

7,960

Sales

116,210

Raw Materials Purchases

37,900

Direct Labor

21,380

Indirect Labor

10,100

Machinery Repairs

690

Selling Expenses

14,950

Administrative Expense

11,230

Factory Supplies Expense

1,260

Depr. Exp., Machinery

3,580

Totals

194,270

194,270

Cost of Goods Manuf.

Net Income

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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