1-The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: Costs incurred: Direct labor cost..... Purchases of raw materials Manufacturing overhead Advertising expense.... Inventories: Raw materials ..... Work in process. Finished goods.. ... Beginning of the Year $7,000 $10,000 $20,000 $70,000 $118,000 $80,000 $90,000 End of the Year $15,000 $5,000 $35,000 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare the cost of goods sold. 3. Prepare Mason Company's income statement for the year. (Sales-$900,000)
1-The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: Costs incurred: Direct labor cost..... Purchases of raw materials Manufacturing overhead Advertising expense.... Inventories: Raw materials ..... Work in process. Finished goods.. ... Beginning of the Year $7,000 $10,000 $20,000 $70,000 $118,000 $80,000 $90,000 End of the Year $15,000 $5,000 $35,000 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare the cost of goods sold. 3. Prepare Mason Company's income statement for the year. (Sales-$900,000)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Topic 1: Cost Classification
Direction: Read and answer what is required.
1-The following cost and inventory data are taken from the accounting
records of Mason Company for the year just completed:
Costs incurred:
Direct labor cost...
Purchases of raw materials
Manufacturing overhead
Advertising expense..
Inventories:
Raw materials
Work in process.
Finished goods..
Beginning of
the Year
$7,000
$10,000
$20,000
$70,000
$118,000
$80,000
$90,000
End of
the Year
$15,000
$5,000
$35,000
Required:
1. Prepare a schedule of cost of goods manufactured.
2. Prepare the cost of goods sold.
3. Prepare Mason Company's income statement for the year.(Sales-$900,000)
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