Reference no: EM132819616

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

Sales                                         $860
Purchases of raw materials              $150
Direct labour                                  $110
Manufacturing overhead                    $210
Administrative expenses                    $130
Selling expenses                            $180
Raw materials inventory, beginning       $ 40
Raw materials inventory, ending          $ 80
Work in process inventory, beginning     $ 20
Work in process inventory, ending         $ 80
Finished goods inventory, beginning        $ 80
Finished goods inventory, ending              $150

Required:

Problem a. Prepare a Schedule of Cost of Goods Manufactured in good form.

Problem b. Prepare an Income statement in good form.