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ACC 505 Study Guide - Page 2 1(TCO A The following data(in...

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Page 2 1. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larklin Corporation for the just completed year. Sales $820 Purchases of raw materials $195 Direct labor $170 Manufacturing overhead $250 Administrative expenses $180 Selling expenses $140 Raw materials inventory, beginning $80 Raw materials inventory, ending $35 Work in process inventory, beginning $65 Work in process inventory, ending $30 Finished goods inventory, beginning $130 Finished goods inventory, ending $165 Required: Prepare a Schedule of Cost of Goods Manufactured statement in the text box below. (Points : 15) 2. (TCO F) The Illinois Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below: Percent completed Units Materials Conversion Work in process, June 1 150,000 75% 55% Work in process, Jun 30 145,000 85% 75% The department started 475,000 units into production during the month and transferred 480,000 completed units to the next department.
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