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The following data (in thousands of dollars) have been taken from the accounting records of...

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Accounting

The following data (in thousands of dollars) have been taken from the accounting records of Larner Corporation for the year just completed:
Sales $870
Purchase of raw materials 100
Direct labour 140
Manufacturing overhead 220
Administrative expenses 150
Selling expenses 150
Raw materials inventory, beginning 50
Raw materials inventory, ending 75
Work-in-process inventory, beginning 60
Work-in-process inventory, ending 5
Finished goods inventory, beginning 120
Finished goods inventory, ending 180
Required:
(a) Prepare a schedule of cost of goods manufactured in good 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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