Schedule of COGS Type1 : sales 820 -------NO SOLUTION

(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larklin Corporation for the just completed year. Sales $820 Purchases of raw materials $195 Direct labor $170 Manufacturing overhead $250 Administrative expenses $180 Selling expenses $140 Raw materials inventory, beginning $80 Raw materials inventory, ending $35 Work in process inventory, beginning $65 Work in process inventory, ending $30 Finished goods inventory, beginning $130 Finished goods inventory, ending $165 Required: Prepare a Schedule of Cost of Goods Manufactured statement in the text box below.

-The following data (in thousands of dollars) have been taken from the accounting records of Larklin Corporation for the just completed year.
1. (TCO A).

| Sales | $820 | | Purchases of raw materials | $195 | | Direct labor | $170 | | Manufacturing overhead | $250 | | Administrative expenses | $180 | | Selling expenses | $140 | | Raw materials inventory, beginning | $80 | | Raw materials inventory, ending | $35 | | Work in process inventory, beginning | $65 | | Work in process inventory, ending | $30 | | Finished goods inventory, beginning | $130 | | Finished goods inventory, ending | $165 | Required: Prepare a Schedule of Cost of Goods Manufactured statement in the text box below.(Points : 15)

Type 2: sales 950 . Question :

(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larden Corporation for the just completed year. Sales Purchases of raw materials $950 $170

Direct labor Manufacturing overhead Administrative expenses Selling expenses Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending

$210 $220 $180 $140 $70 $80 $30 $20 $100 $70

Required: Prepare a Schedule of Cost of Goods Manufactured statement in the text box below.

Student Answer:

Raw materials, inventory, beginning $70.00 add Purchases of Raw Materials 170.00 Total goods available to manufacture 240.00 Less Raw Materials invty, end 80.00 Raw materials used in production 160.00 Direct Labor 210.00 Manufacturing Overhead 220.00 Total manufacturing cost 590.00 Add Work in Process inv Beg 30.00 620.00 Less Work in process inv end 20.00 Cost of goods manufactured 600.00

Raw materials, inventory, beginning $70.00 add Purchases of Raw Materials 170.00

Total goods available to manufacture 240.00 Less Raw Materials inv end 80.00 Raw materials used in production 160.00 Direct Labor 210.00 Manufacturing Overhead 220.00 Total manufacturing cost 590.00 Add Work in Process inv Beg 30.00 620.00 Less Work in process inv end 20.00 Cost of goods manufactured 600.00

Type 3: sales = 860

14. The following data (in thousands of dollars) have been taken from the accounting records of Larkin Corporation for the just completed year.

Sales.$860 Purchases of raw materials ..$170 Direct labor..$220 Manufacturing overhead..$210 Administrative expenses$120 Selling expenses...$170 Raw material inventory, beginning$10 Raw material inventory, ending.$50 Work in process inventory, beginning...$80 Work in process inventory, ending$60

Finished goods inventory, beginning$110 Finished goods inventory, ending.$100

14. a. Schedule of cost of goods manufactured Direct materials: Raw materials inventory, beg$10 Add: Purchases of raw materials..$170 Raw materials available for use$180 Deduct: Raw materials inventory, ending.$50 Raw materials used in production..$130 Direct labor.$220 Manufacturing overhead.$210 Total manufacturing cost$560 Add: Work in process inventory, beginning.$80 $640 Deduct: Work in process inventory, ending.$60 Cost of goods manufactured$580