The following information is available for Larkspur Company. January 1, 2022 2022 December 31, 2022 $26,000 $37,800 17,700 21,850 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased 34,250 26,460 $189,000 Direct labor 277,200 Manufacturing overhead 226,800 Sales revenue 1,146,600 (a) Your answer is correct. Compute cost of goods manufactured. (Assume that all raw materials used were direct materials.) LARKSPUR COMPANY Cost of Goods Manufactured Schedule Work in Process, Jan. 1 $ Direct Materials Raw Materials Inventory, Jan. 1 $ 26000 Raw Materials Purchased 189000 Raw Materials Available for Use 215000 Less : Raw Materials Inventory, Dec. 31 37800 i Direct Materials Used $ 177200 Direct Labor 277200 Manufacturing Overhead 226800 Total Manufacturing Costs Total Cost of Work in Process Less V: Work in Process, Dec. 31 Your answer is partially correct. Prepare an income statement through gross profit. LARKSPUR COMPANY Income Statement (Partial) For the Month Ended December 31, 2022 Sales Revenue $ 114666 Cost of Goods Sold Finished Goods Inventory, Jan. 1 $ 34250 Cost of Goods Manufactured 677050 i Cost of Goods Available for Sale 711300 Less : Finished Goods Inventory, Dec. 31 26460 i Cost of Goods Sold 684840 Gross Profit $ 4617 e Textbook and Media (c) Show the presentation of the ending inventories on the December 31, 2022, balance sheet. LARKSPUR COMPANY Balance Sheet (Partial) ASSETS