please need complete , correct , well explained and formulated answer for all three requirements with steps answer in text 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:$ 652,000$ 83,000$ 132,000105,000$ 49,000$$ 223,000$ 202,000SalesDirect labor costRaw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costsInventoriesRaw materialsWork in processFinished goodsRequired:Beginning$ 8,500$ 5,800$ 75,000Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.Ending$ 10,500$ 20,500$ 25,300Mason CompanySchedule of Cost of Goods ManufacturedDirect materials:Beginning raw materials inventoryAdd: Purchases of raw materialsTotal raw materials availableLess: Ending raw materials inventoryDirect materials used in productionDirect laborManufacturing overheadTotal manufacturing costs added to productionTotal manufacturing costs to account forLess: Ending work in process inventoryCost of goods manufactured$ 8,500132,00010,50083,000223,000306,000306,000 Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Costof Goods Sold.Required 3Mason CompanySchedule of Cost of Goods SoldRequired 1 Required 2Complete this question by entering your answers in the tabs below.< Required 1Required 3Prepare an income statement.Mason CompanyIncome StatementSelling and administrative expenses:Required 3 >$00

Cost of goods manufactured -The cost of Goods Manufactured is the total cost incurred for…

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: $ 652,000 $ 83,000 132,000 $ $ 105,000 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 $ 8,500 $5,800 $ 75,000 Ending $ 10,500 $ 20,500 $ 25,300 $ 49,000 $ 223,000 $ 202,000

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: $ 652,000 $ 83,000 132,000 $ $ 105,000 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 $ 8,500 $5,800 $ 75,000 Ending $ 10,500 $ 20,500 $ 25,300 $ 49,000 $ 223,000 $ 202,000

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 21E

See similar textbooks

Similar questions

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: $ 657,000 $82,000 $ 131,000 $ 107,000 $45,000 $225,000 $ 208,000 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 $8,800 $ 5,400 $80,000 Ending $10,300 $ 20,600 $ 25,700 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. Complete this question by entering your answers in the tabs below. Required 3 Required 1 Required 2 Prepare a schedule of…
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…
Question 3 Ashale Botwe Ltd has the following cost and expense data for the year ending December 31, 2022. Direct materials (GHC) Work in process (GH¢) Finished goods (GH¢) Insurance factory Property taxes on factory building Materials purchases Sales Indirect materials Delivery expenses Sales commissions Indirect labour 1/1/22 Factory machinery rent Factory utilities Direct labour 30,000 80,000 110,000 Other items of revenue and cost during the year are as follows: (GHC) 31/12/22 20,000 50,000 120,000 Direct materials used b) Total manufacturing cost c) Statement of cost of goods manufactured d) Prime cost e) Conversion cost f) Cost of goods available for sale g) Cost of goods sold h) Gross profit i) Period cost j) Net income 14,000 6,000 205,000 1,500,000 15,000 100,000 150,000 90,000 40,000 ARI 65,000 350,000 24,000 35,000 300,000 Depreciation, factory building Factory manager's salary Administrative expenses For the year 2022, you are required to compute the following:
None
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 $ 8,700 $ 5,600 $ 78,000 Ending $ 10,600 $ 20,200 $ 25,400 $ 658,000 $ 87,000 $ 135,000 $ 104,000 $ 46,000 $ 226,000 $ 206,000 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.
Year 1 financial data for the ABC Company is as follows:Sales $5,000,000 ,Direct materials 850,000 ,Direct manufacturing labor 1,700,000 ,Variable manufacturing overhead 400,000 ,Fixed manufacturing overhead 750,000 ,Variable SG&A 150,000 ,Fixed SG&A 250,000 ,Under the absorption method, Year 1 Cost of Goods sold will be: a. $2,550,000 b. $3,100,000 c. $2,950,000 d. $3,700,000
answer with explanation/solution
Problem 15-8 (IAA) to a 5% cash discount which was taken. were price of at a cost of P100,000. of the transactions? a. 4,900,000 b. 5,000,000 c. 5,100,000 d. 5,200,000 Problem 15-9 (IAA) Taiwan Company fabricated equipment for office use durine the current year. The following data were taken from the accounting records: Materials Direct labor Finished goods Office equipment 1,000,000 600,000 1,500,000 500,000 Factory overhead amounted to P1,200,000. Normal production of finished goods is 50,000 units. Due to the fabrication of the office equipment, finished goods produced totaled 35,000 units only in the current year. The office equipment is to be charged with the overhead which would have been apportioned to the 15,000 units which were not produced. apportionment of factory overhead? a. 1,100,000 b. 1,400,000 c. 1,460,000 d. 2,300,000 Acquired a at an invoice
Subject: accounting
percetage of completion method (over time) using cost to cost method: 1. compute the due from to customers
Please do not give solution in image format thanku
PROBLEM 2-18 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behavior [LO2, LO3, LO4, LO5, LO6] Various cost and sales data for Meriwell Company for the just completed year appear in the work- sheet below: E Hicrosoft Excel Ele Edt Vew rcert Fgrmat Iools Rata Wndow elp 12 - BIU2 E17 B $20,000 $40,000 $110,000 $105,000 $125,000 $9,000 $6,000 $70,000 S17,000 $30,000 $500,000 S80,000 A 1 Finished goods inventory, beginning 2 Finished goods inventory, ending 3 Administrative expenses 4 Manufacturing overhead 5 Purchases of raw materials 6 Raw materials inventory, beginning 7 Raw materials inventory, ending 8 Direct labor 9 Work in process inventory, beginning 10 Work in process inventory, ending 11 Sales 12 Selling expenses 13 N MSheeti/Sheet2 / Sheets / Of the $105,000 of manufacturing overhead, $15,000 is variable and $90,000 is fixed. Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare an income statement. 3. Assume that the company produced the…