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The following data (in thousands of dollars) have been takenfrom the accounting records of Larden Corporation for thejust-completed year.

Sales

$950

Purchases of raw materials

$170

Direct labor

$225

Manufacturing overhead

$220

Administrative expenses

$180

Selling expenses

$140

Raw materials inventory, beginning

$90

Raw materials inventory, ending

$80

Work-in-process inventory, beginning

$30

Work-in-process inventory, ending

$20

Finished goods inventory, beginning

$100

Finished goods inventory, ending

$70


Prepare a Schedule of Cost of Goods Manufactured statement in thetext box below.

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Deanna Hettinger
Deanna HettingerLv2
28 Sep 2019

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The following data (in thousands of dollars) have been takenfrom the accounting records of Dallas Corporation forthe just-completed year.

Purchases of raw materials

$170

Direct labor

$210

raw materials Used

$220

Administrative expenses

$180

Overhead

$160

Work-in-process inventory, beginning

$30

Work-in-process inventory, ending

$20

Finished goods inventory, beginning

$100

Finished goods inventory, ending

$70

Required: Prepare a Schedule of Cost ofGoodsManufactured statement for the Dallas Corp

Purchases of raw materials

$170

Direct labor

$210

raw materials Used

$220

Administrative expenses

$180

Overhead

$160

160

Work-in-process inventory, beginning

$30

Work-in-process inventory, ending

$20

The following data (in thousands of dollars) have been takenfrom the accounting records of Karmana Corporation for thejust-completed year.

Sales...............................................................................................$1,500

Raw materials inventory, beginning...............................................$20

Raw materials inventory, ending..........................,.........................$40

Purchases of raw materials.............................................................$150

Direct labor.......................................................................................$180

Manufacturing overhead...............................................................$250

Administrative expenses...............................................................$100

Selling expenses.............................................................................$140

Work-in-process inventory, beginning........................................$80

Work-in-process inventory, ending.............................................$50

Finished goods inventory, beginning........................................$125

Finished goods inventory, ending...............................................$60

Use these data to prepare (in thousands of dollars) a scheduleof Cost of Goods Manufactured and a Schedule of Cost of Goods Soldfor the year. In addition, elaborate on the relationship betweenthese schedules as they relate to the flow of product costs in amanufacturing company.

The following data (in thousands of dollars) have been takenfrom the accounting records of the Aladdin Corporation for thejust-completed year. Sales 1,300 Raw materials inventory, beginning25 Raw materials inventory, ending 30 Purchases of raw materials250 Direct labor 350 Manufacturing overhead 500 Administrativeexpenses 300 Selling expenses 250 Work in process inventory,beginning 150 Work in process inventory, ending 100 Finished goodsinventory, beginning 80 Finished goods inventory, ending 110 Usethe above data to prepare (in thousands of dollars) a schedule ofCost of Goods Manufactured and a Schedule of Cost of Goods Sold forthe year. In addition, what is the impact on the financialstatements if the ending finished goods inventory is overstated orunderstated?

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