The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 651,000
Posted: Sat May 07, 2022 8:07 pm
The following data from the just completed year are taken from
the accounting records of Mason Company: Sales $ 651,000 Direct
labor cost $ 89,000 Raw material purchases $ 132,000 Selling
expenses $ 109,000 Administrative expenses $ 45,000 Manufacturing
overhead applied to work in process $ 225,000 Actual manufacturing
overhead costs $ 210,000 Inventories Beginning Ending Raw materials
$ 9,000 $ 10,500 Work in process $ 5,900 $ 20,800 Finished goods $
71,000 $ 25,900
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.
the accounting records of Mason Company: Sales $ 651,000 Direct
labor cost $ 89,000 Raw material purchases $ 132,000 Selling
expenses $ 109,000 Administrative expenses $ 45,000 Manufacturing
overhead applied to work in process $ 225,000 Actual manufacturing
overhead costs $ 210,000 Inventories Beginning Ending Raw materials
$ 9,000 $ 10,500 Work in process $ 5,900 $ 20,800 Finished goods $
71,000 $ 25,900
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.