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LJEPILM prers 1-4) Part 1. Problems. There are four problems. Each one is worth the score indicated next to the problem number. Show all work
LJEPILM prers 1-4) Part 1. Problems. There are four problems. Each one is worth the score indicated next to the problem number. Show all work for complete credit. You may write your answers on the test or attach extra pages. Please be NEAT when writing your answers. I cannot grade illegible answers. (30 points possible) 1. (9 points) The following data have been taken from the accounting records of Larder Corporation for the just completed year. Sales..... $1,795,000 Purchases of raw materials. S540,000 Direct labor $335.000 Applied Manufacturing overhead $340,000 Administrative expenses.. $225,000 Selling expenses..... $210,000 Raw materials inventory, beginning. $190.000 Raw materials inventory, ending.. S140,000 Work in process inventory, beginning... $150.000 Work in process inventory, ending..... $115,000 Finished goods inventory, beginning.... $140,000 Finished goods inventory, ending.... $175,000 Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form. b. Compute the Cost of Goods Sold. c. Using data from your answers above, prepare an Income Statement (using the traditional format). sales Rev s 1,795,000 cost of Goods Su ,265,000 Direct Materiais Gloss profit 5 530,000 operating 55 Beginning how materiais $190,000 Sching Eyfene 3 Zoos- Add: Purchase $ 540000 Fist E 5 275,00 Les Ending raw Maveriais (49000) EXPENSES Direct Materials used 8 599,000 Net income $ 95,000 Direct labor 1 335,600 Mannecting ovelhead HP Pried 340,00 530,00 Total current Manufactia cott11.265.000 435ouw Pls Bey work in process invenis ISO, DUO Less Ending work in processing (115 ) $95,ow cost of 6002 Mandoarea 181200,000 Hotel oferating $ 935,000 B Finished goods inventory, beg $ 140,000 Finished goods inventory, Ending #(175,000) 173090 1490,000 Cost of goods solds $1,265,000 1,440,000 1,265,000
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