Answer Happy

Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] The following data from the Just completed year are taken from the accounting records of Mason Company: Sales $ 655,000 Direct labor cost $ 89,000 Raw material purchases $ 136,000 Selling expenses $ 108,000 Administrative expenses $ 49,000 $ 224,000 Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 210,000 Beginning $ 8,400 Ending $ 10,200 Inventories Raw materials Work in process Finished goods $ 5,100 $ 20,400 $ 78,000 $ 25,300 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. Required 1 Required 2 Required 3 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 2 >