The following data from the just completed year are taken from the accounting records of Mason Company: $ 658,000 $ 90,0

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The Following Data From The Just Completed Year Are Taken From The Accounting Records Of Mason Company 658 000 90 0 1 (50.59 KiB) Viewed 42 times

The following data from the just completed year are taken from the accounting records of Mason Company: $ 658,000 $ 90,000 $ 138,000 $ 110,000 Sales Direct labor cost Raw material purchases. Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 8,200 $ 5,200 Ending $ 10,000 $ 20,900 $ 76,000 $ 25,900 $ 44,000 $ 221,000 $ 208,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.

Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured $ 8,700 138,000 146,700 10,000 $ 136,700 90,000 221,000 447,700 447,700

Prepare a schedule of cost of goods sold. Assume that the compa of Goods Sold. Mason Company Schedule of Cost of Goods Sold

Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses: $ 0 0 0