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The following data from the just completed year are taken from the accounting records of Mason Company: $ 652,000 $ 84,000 $ 132,000 $ 107,000 $ 49,000 $ 228,000 $ 206,000 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 $ 8,100 $ 5,700 $ 73,000 Ending $ 10,700 $ 20,700 $ 25,400 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.
cer 3 2 59:55 ok t ces Complete this question by entering your answers in the tabs below. Required 3 Required 1 Required 2 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct m Mason Company Schedule of Cost of Goods Manufactured 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 Raw materials Direct labor Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured $ 8,100 132,000 140,100 10,700 < Required 1 $ 129,000 84,000 228,000 5,700 $ 446,700 446,700 20,700 426,400 Required 2 >
Prepare a schedule of cost of goods sold. Assume that the company's underappli- of Goods Sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods available for sale Add: Underapplied overhead Adjusted cost of goods sold $ $ < Required 1 73,000 426,400 499,400 25,400 474,000 22,000 452,000 Required 3
Prepare an income statement. Mason Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expense Net operating income $ 107,000 49,000 $ $ < Required 2 652,000 452,000 200,000 156,000 44,000 Required 3
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Ending $ 38,000 $ 29,000 ? Raw materials Work in process Finished goods Beginning $ 57,000 7 $ 34,000 $ 210,000 $ 267,000 7 $ 157,000 $ 372,000 $ 352,000. The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
0 Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income $ 210,000 157,000 $ 1,049,000 645,000 404,000 $ Income Statement 367,000 37,000 COGS Schedule >
17 s Income Statement COGS Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold COGM Schedule Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold < Income Statement $ $ 34,000 686,000 720,000 55,000 665,000 20,000 645,000 COGM Schedule >
57:56 k ces statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Complete this question by entering your answers in the tabs below. Income COGS Statement Schedule Prepare a schedule of cost of goods manufactured. COGM Schedule Superior Company Schedule of Cost Goods Manufactured Direct materials: Beginning raw materials inventory Add: Ending raw materials inventory Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured < COGS Schedule 57,000 267,000 38,000 286,000 $ 27,000 372,000 685,000 COGM Schedule 13 $ 30,000 30,000 29,000 686,000