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question : CoursHeroTranscribedText: The data (in thousands of dollars) were extracted from Larop Corporation's nancial...

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Accounting

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CoursHeroTranscribedText: The data (in thousands of dollars) were extracted from Larop Corporation's nancial reports for the previous fiscal year. Sales ........................................................................................ $870 Purchases of raw materials ..................................................... 5190 Direct labor................... 5200 Manufacturing overhead 5230 Administrative expenses ......................................................... $150 Sellingexpenses...........................................................,.......... 5140 Raw materials inventory, beginning $10 Raw materials inventory, ending ............................................ $40 Work in process inventory, beginning .................................... 520 Work in process inventory, ending $50 Finished goods inventory, beginning ...................................... $90 Finished goods inventory, ending ........................................... 5130 Required: i. Prepare a Schedule of Cost of Goods Manufactured in good form! [596) ii. Compute the Cost of Goods Sold! (5%) iii. Using data from your answers above as needed, prepare an Income Statement in good form! [5%)

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