Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; IncomeStatement [LO3-3]The following data from the just completed year are taken from the accounting records of Mason Company:SalesDirect labor costRaw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costsInventoriesRaw materialsWork in processFinished goodsBeginning$ 9,000$ 5,700$ 73,000Ending$ 10,700$ 20,100$ 25,900$ 658,000$ 90,000$ 136,000$ 110,000$ 41,000$ 221,000$ 202,000Required: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 toCost of Goods Sold.3. Prepare an income statement.Required 1 Required 2 Required 3Complete 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.

The cost of goods manufactured is a statement of the cost of production, which includes direct…

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.

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Question

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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