The following data (in

thousands of dollars) have been taken from the accounting records of Larsen

Corporation for the just completed year.

Sales

$860

Purchases of raw materials

$150

Direct labour

$110

Manufacturing overhead

$210

Administrative expenses

$130

Selling expenses

$180

Raw materials inventory, beginning

$ 40

Raw materials inventory, ending

$ 80

Work in process inventory, beginning

$ 20

Work in process inventory, ending

$ 80

Finished goods inventory, beginning

$ 80

Finished goods inventory, ending

$150

Required:

a. Prepare a Schedule of Cost of Goods Manufactured in good form.

(6 marks

)

b. Compute the Cost of Goods Sold.

(2 marks)

c. Using data from your answers above as needed, prepare an Income St

atement in good form.

(3 marks)