Question 1 (15 Marks)

The following data (in thousands of dollars) has been taken from the accounting records of Lanyard Corporation for the year just completed:

Required:

a)Prepare a schedule of cost of goods manufactured in good form (9 marks)

b)Compute the cost of goods sold (3 marks)

c)Using data from your answers above as needed, Prepare an income statement in good form (3 marks)

Sales $870 Purchases of raw materials $110 Direct labour $130 Manufacturing overhead $200 Administrative expenses $160 Selling expenses $140 Raw materials inventory, beginning $30 Raw materials inventory, ending $60 Work-in-process inventory, beginning $50 Work-in-process inventory, ending $10 Finished goods inventory, beginning $150 Finished goods inventory, ending $140