Presented below is selected information from the Larry Companyâ€™s current period accounting records: Sales $12,000 Raw Materials Used 2,500 Direct labor 3,000 Allocated...

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Accounting

Presented below is selected information from the Larry Companyâ€™scurrent period accounting records:
Sales
$12,000
Raw Materials Used
2,500
Direct labor
3,000
Allocated overhead
Selling and Administrative
4,500
2,500
Beginning Raw Material Inventory
300
Ending Raw Material Inventory
1,000
Beginning Work-in-Process Inventory
800
Ending Work-in-Process Inventory
300
Beginning Finished Goods Inventory
700
Ending Finished Goods Inventory
400
Required:
Prepare statement of cost of goods manufactured in goodform.
Prepare income statement in good form (ignore income taxexpense).

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Larry CompanySchedule of Cost of Goods ManufacturedDirect Materials Beginning raw materials inventory300 Add Purchases of rawmaterialsRefer above working note3200 Total raw See Answer

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Sales		$12,000
Raw Materials Used		2,500
Direct labor		3,000
Allocated overhead Selling and Administrative		4,500 2,500
Beginning Raw Material Inventory		300
Ending Raw Material Inventory		1,000
Beginning Work-in-Process Inventory		800
Ending Work-in-Process Inventory		300
Beginning Finished Goods Inventory		700
Ending Finished Goods Inventory		400