Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Larkspur Corporation has the following cost records for June 2022. $4,800 Factory utilities $420 Indirect factory labor Direct materials used 20,800 Depreciation, factory equipment 1.460

image text in transcribedimage text in transcribedimage text in transcribed

Larkspur Corporation has the following cost records for June 2022. $4,800 Factory utilities $420 Indirect factory labor Direct materials used 20,800 Depreciation, factory equipment 1.460 Work in process, 6/1/22 3.120 Direct labor 41,600 Work in process, 6/30/22 3,960 Maintenance, factory equipment 1,880 Finished goods. 6/1/22 5,200 Indirect materials used 2.400 Finished goods, 6/30/22 7,800 Factory manager's salary 3.120 Prepare a cost of goods manufactured schedule for June 2022 LARKSPUR CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30, 2022 Work In Process, June 1 $ Direct Materials Used $ 20800 Direct Labor 41600 Manufacturing Overhead Indirect Factory Labor $ 4800 Factory Utilities 420 Depreciation, Factory Equipment 1460 Maintenance, Factory Equipment 1880 Indirect Materials Used 2400 Factory Manager's Salary 3120 Total Manufacturing Overhea 62,400 Total Manufacturing Costs Total Cost of Work In Process 1 Less Work In Process, June 30 Cost of Goods Manufactured s| Prepare an income statement through gross profit for June 2022 assuming sales revenue is $95.300. LARKSPUR CORPORATION Income Statement (Partial) For the Month Ended June 30, 2022 Sales Revenue 95300 Cost of Goods Sold Finished Goods Inventory, June 1 $ 5200 Cost of Goods Manufactured Cost of Goods Available for Sale Less : Finished Goods Inventory, June 30 7800 Cost of Goods Sold Gross Profit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Non-Specialists

Authors: Eddie McLaney, Peter Atrill

3rd Edition

9780273646327

More Books

Students also viewed these Accounting questions

Question

Recognize and describe the steps in the recruiting process

Answered: 1 week ago

Question

Appreciate the contribution made by a positions incumbent

Answered: 1 week ago

Question

Know how to conduct a position analysis

Answered: 1 week ago