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The following data from the just completed year are taken from the accounting records of Mason Company. Sales Direct labor cost Raw material purchases Selling expenses $ 652,000 $ 81,000 $ 138,000. $ 105,000 Administrative expenses $ 46,000 Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 224,000 $ 201,000 Ending Inventories Raw materials Work in process Finished goods Beginning $ 8,200 $5,400 $ 10,100 $ 20,400 $ 79,000 $ 25,200 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. Complete this question by entering your answers in the tabs below
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured
Required 1 Required Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold
Required 1 Required 2 Prepare an income statement. Selling and administrative expenses: Required 3 Mason Company Income Statement