3/10/2021 [Solved] The following data refer to Laredo Luggage Company for the year 20x2: Sales revenue

year 20x2: Sales revenue $ 475,000 Work-in-process inventory, December 31 15,000.... | Course Hero

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The following data refer to Laredo Luggage Company for the year 20x2:
 
 
 
  Sales revenue
$
475,000     
  Work-in-process inventory, December 31
 
15,000     
  Work-in-process inventory, January 1
 
20,000    
  Selling and administrative expenses
 
75,000    
  Income tax expense
 
45,000    
  Purchases of raw material
 
90,000    
  Raw-material inventory, December 31
 
12,500     
  Raw-material inventory, January 1
 
20,000    
  Direct labor
 
100,000    
  Utilities: plant
 
20,000    
  Depreciation: plant and equipment
 
30,000    
  Finished-goods inventory, December 31
 
25,000    
  Finished-goods inventory, January 1
 
10,000    
  Indirect material used
 
5,000    
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  Indirect labor help you get unstuck.
 
7,500     
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  Other manufacturing overhead
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3/10/2021 [Solved] The following data refer to Laredo Luggage Company for the year 20x2: Sales revenue $ 475,000 Work-in-process inventory, December 31 15,000.... | Course Hero

40,000    

Required:
1. Prepare Laredo Luggage's schedule of cost of goods manufactured for the year.
2. Prepare Laredo Luggage's schedule of cost of goods sold for the year.
3. Prepare Laredo Luggage's income statement for the year.
4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements.
Show how both cost schedules and the income statement will change if raw-material purchases
amounted to $92,000 and indirect labor was $9,000.

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