Financial Accounting > QUESTIONS & ANSWERS > Acct 505 MidTerm Answers 2021 (All)

Acct 505 MidTerm Answers 2021

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(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larklin Corporation for the justcompleted year. Sales $920 Purchases of raw materials $215 Dire ... ct labor $170 Manufacturing overhead $275 Administrative expenses $180 Selling expenses $140 Raw materials inventory, beginning $100 Raw materials inventory, ending $65 Work-in-process inventory, beginning $75 Work-in-process inventory, ending $35 Finished goods inventory, beginning $130 Finished goods inventory, ending $165 Prepare a Schedule of Cost of Goods Manufactured statement in the text box below. Student Answer: Larklin Corporation Schedule of Cost of Goods Manufactured Statement Raw material inventory, beginning $100 Add: Purchase of Raw Materials $215 Raw Materials available for use $315 Deduct: Raw Materials, ending $65 Raw Materials used in Production $250 Direct Labor $170 Manufacturing overhead $275 Total Manufacturing overhead $695 Add: Work in process inventory, beginning $75 $770 Deduct: Work in process inventory, ending $35 Cost of Good Manufactured $735 Instructor Explanation: Schedule of Cost of Goods Manufactured for the Larkin Corp. Direct materials: Beginning raw materials inventory $100 Add: purchases raw material 215 Raw materials available for use 315 Deduct ending raw materials 65 [Show More]

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