Please do not give solution in image format thanku CesExercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; IncomeStatement [LO3-3]Mason Company provided the following data for this year:SalesDirect labor costRaw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costsInventoriesRaw materialsWork in processFinished goodsBeginning$ 8,300$ 5,100Ending$ 10,600Required 1$ 20,300$ 72,000 $ 25,700$ 659,000$ 85,000$ 140,000109,000$Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of GoodsSold.3. Prepare an income statement.$ 45,000$ 228,000$ 207,000Complete this question by entering your answers in the tabs below.Required 2 Required 3 lintfrintRequired 1 Required 2 Required 3Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.Direct materials:Total raw materials availableDirect materials used in productionMason CompanySchedule of Cost of Goods ManufacturedTotal manufacturing costs added to production.Total manufacturing costs to account fornarencesCost of goods manufactured3. Prepare an income statement.Required 1Complete this question by entering your answers in the tabs below.Prepare a scheGoods Sold.Required 2 Required 3Mason CompanySchedule of Cost of Goods Soldcost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of3. Prepare an income statement.< Required 1Required 1 Required 2 Required 3Prepare an income statement.Complete this question by entering your answers in the tabs below.Mason CompanyIncome StatementSelling and administrative expenses:Required 2 >$< Required 2Required 3 >00000Required 3>

The cost of goods manufactured includes the cost of goods that are finished during the period. The…

Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3) Mason Company provided the following data for this year: 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 $ 8,300 $ 5,100 $ 72,000 Ending $ 10,600 $ 20,300 $25,700 $ 659,000 $ 85,000 $ 140,000 $ 109,000 $ 45,000 $ 228,000 $ 207,000 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.

Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3) Mason Company provided the following data for this year: 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 $ 8,300 $ 5,100 $ 72,000 Ending $ 10,600 $ 20,300 $25,700 $ 659,000 $ 85,000 $ 140,000 $ 109,000 $ 45,000 $ 228,000 $ 207,000 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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