Purchase Solution

Larop Corporation: Costs

Not what you're looking for?

Ask Custom Question

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

Sales......................................................................................... $870
Purchases of raw materials............................................................ $190
Direct labor................................................................................. $200
Manufacturing overhead................................................................ $230
Administrative expenses................................................................ $150
Selling expenses.......................................................................... $140
Raw materials inventory, beginning..................................................$10
Raw materials inventory, ending......................................................$40
Work in process inventory, beginning...............................................$20
Work in process inventory, ending....................................................$50
Finished goods inventory, beginning................................................$90
Finished goods inventory, ending.....................................................$130

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.

Purchase this Solution
Solution Summary

This solution illustrates how to prepare a schedule of cost of goods manufactured, compute cost of goods sold, and prepare an income statement for a manufacturing company.

Purchase this Solution
Free BrainMass Quizzes
Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

Motivation

This tests some key elements of major motivation theories.

Social Media: Pinterest

This quiz introduces basic concepts of Pinterest social media

View More Free Quizzes
Related BrainMass Solutions

  • COG

    494478 COG The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just-completed year: Sales.................................................................................

  • Organizational costs for a corporation

    131712 Organizational costs for a corporation 1. Corporate organizational expenses include: a. Filing fees for registering the corporation. b. Appraisals c. Both d. Neither 2.

  • Flexible Budgets - Hardball Corporation

    _ ________ ________ Total variable costs.... ________ ________ ________ Total overhead costs... $_______ $_______ $_______ Hardball Corporation uses the following cost formulas in its flexible budget for manufacturing overhead: Item Cost

  • Gilman Corporation: Improve Computation of per Unit Costs

    282802 Gilman Corporation: Improve Computation of per Unit Costs Consider the following scenario: Due to seasonal fluctuations, Gilman Corporation has a problem determining the unit cost of its products.

  • the break-even point of Suni Corporation

    439062 The break-even point of Suni Corporation A recent income statement of Suni Corporation reported the following data: Sales revenue $6,800,000 Variable costs 2,800,000 Fixed costs 2,500,000 If these data are based on the sale of

  • Network Company

    Solutions Corporation has offered to supply 20,000 units of R2 at a price of $13.00 per unit. If Network accepts the offer, all of the variable costs and $30,000 of the fixed costs will be eliminated.

  • Organizations Costs in Newatit Company

    A corporation using the cash method of accounting can amortize organizational costs incurred within the first tax year, even if it does not pay them in that year. The following are examples of organizational costs.

  • Arnold Corporation: Behavior of Fixed & Variable Costs

    210512 Arnold Corporation: Behavior of Fixed & Variable Costs Arnold Corporation recently produced and sold 100,000 units. Fixed costs at this level of activity amounted to $57,000; variable costs were $50,000.

  • Joint Costs for Skanda Corporation

    353173 Joint Costs for Skanda Corporation Skanda Corporation manufactures two chemicals (Flextra and Hydro) in a joint process. Data from a recent month follow.

View More Related Solutions