CO A) The following data (in thousands of dollars) have been taken from the acco

Question

CO A) The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just completed year:
Sales................................................................................. $910
Purchases of raw materials................................................ $225
Direct labor....................................................................... $245
Manufacturing overhead.................................................... $265
Administrative expenses.................................................... $150
Selling expenses................................................................ $140
Raw materials inventory, beginning..................................... $15
Raw materials inventory, ending......................................... $45
Work in process inventory, beginning................................. $20
Work in process inventory, ending..................................... $55
Finished goods inventory, beginning................................... $100
Finished goods inventory, ending....................................... $135
Required: Prepare a Schedule of Cost of Goods Manufactured in the text box below.

Explanation / Answer

1. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just completed year: Sales....................................................$910 Purchases of raw materials.................$225 Direct labor..........................................$245 Manufacturing overhead......................$265 Administrative expenses......................$150 Selling expenses..................................$140 Raw materials inventory, beginning....$15 Raw materials inventory, ending..........$45 Work in process inventory, beginning......$20 Work in process inventory, ending...........$55 Finished goods inventory, beginning.......$100 Finished goods inventory, ending.............$135 Schedule of Cost of Goods Manufactured in the text box below. Beg. Raw Materials 15 Purchases 225 Raw mat. Avail for use 240 Less End, raw materials 45 Materials used in production 195 Direct labor 245 Overhead 265 Manufacturing costs incurred 705 Add Beg. Wip 20 Deduct Ending wip 55 Cost of goods manufactured 670

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