The following data in thousands of dollars have been taken from the accounting records of Larner Corporation for the year just completed:
Sales $
Purchase of raw materials
Direct labour
Manufacturing overhead
Administrative expenses
Selling expenses
Raw materials inventory, beginning
Raw materials inventory, ending
Workinprocess inventory, beginning
Workinprocess inventory, ending
Finished goods inventory, beginning
Finished goods inventory, ending
Required:
a Prepare a schedule of cost of goods manufactured in good form.
b Compute the cost of goods sold.
c Using data from your answers above as needed, prepare an income statement in good form.
