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The following data refer to Laredo Luggage Company for the year 20x2: ...

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Accounting

The following data refer to Laredo Luggage Company for the year 20x2:

Sales revenue $ 1,000,000
Work-in-process inventory, December 31 30,000
Work-in-process inventory, January 1 40,000
Selling and administrative expenses 150,000
Income tax expense 80,000
Purchases of raw material 170,000
Raw-material inventory, December 31 25,000
Raw-material inventory, January 1 20,000
Direct labor 190,000
Utilities: plant 40,000
Depreciation: plant and equipment 50,000
Finished-goods inventory, December 31 50,000
Finished-goods inventory, January 1 15,000
Indirect material used 8,000
Indirect labor 12,000
Other manufacturing overhead 60,000

41.

Required information

1. Prepare Laredo Luggages schedule of cost of goods manufactured for the year.

rev: 06_08_2015_QC_CS-17166

42.

Required information

2. Prepare Laredo Luggages schedule of cost of goods sold for the year.

43.

Required information

3. Prepare Laredo Luggages income statement for the year.

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