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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
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
$ 9,000
$ 5,700
$ 73,000
Ending
$ 10,700
$ 20,100
$ 25,900
$ 658,000
$ 90,000
$ 136,000
$ 110,000
$ 41,000
$ 221,000
$ 202,000
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.
Required 1 Required 2 Required 3
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb27171fb-0a05-43a7-977a-1a6f9a84d04c%2Fb6d81624-c4d5-4fbc-bd4d-6bac4dde0928%2F6x6xlcw_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
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
$ 9,000
$ 5,700
$ 73,000
Ending
$ 10,700
$ 20,100
$ 25,900
$ 658,000
$ 90,000
$ 136,000
$ 110,000
$ 41,000
$ 221,000
$ 202,000
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.
Required 1 Required 2 Required 3
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.
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