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. (40 points possible) 1. (12 points) The following data have been taken from the accounting records of Larder Corporation for the just completed year. Sales.. $2,250,000 Purchases of raw materials. $520,000 Direct labor. $455,000 Applied Manufacturing overhead. $410,000 Administrative expenses. $385,000 Selling expenses.. $257,000 Raw materials inventory, beginning. $340,000 Raw materials inventory, ending.. Work in process inventory, beginning. $290,000 $315,000 Work in process inventory, ending. Finished goods inventory, beginning. Finished goods inventory, ending... 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). $295,000 $275,000 $310,000