The following data (in thousands of dollars) have been taken fromthe accounting records of Larner Corporation for the year justcompleted:Sales$870Purchase ofraw materials100Directlabour140Manufacturingoverhead220Administrative expenses150Sellingexpenses150Raw materialsinventory, beginning50Raw materialsinventory, ending75Work-in-process inventory, beginning60Work-in-process inventory, ending5Finishedgoods inventory, beginning120Finishedgoods inventory, ending180Required:(a) Prepare a schedule of cost of goods manufactured ingood form.(b) Compute the cost of goods sold.(c) Using data from your answers above as needed,prepare an income statement in good form.
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