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

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

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; 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
$ 49,000
$
$ 223,000
$ 202,000
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
Required:
Beginning
$ 8,500
$ 5,800
$ 75,000
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
Ending
$ 10,500
$ 20,500
$ 25,300
Mason Company
Schedule of Cost of Goods Manufactured
Direct materials:
Beginning raw materials inventory
Add: Purchases of raw materials
Total raw materials available
Less: Ending raw materials inventory
Direct materials used in production
Direct labor
Manufacturing overhead
Total manufacturing costs added to production
Total manufacturing costs to account for
Less: Ending work in process inventory
Cost of goods manufactured
$ 8,500
132,000
10,500
83,000
223,000
306,000
306,000

Complete this question by entering your answers in the tabs below.
Required 1 Required 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.
Required 3
Mason Company
Schedule of Cost of Goods Sold
Required 1 Required 2
Complete this question by entering your answers in the tabs below.
< Required 1
Required 3
Prepare an income statement.
Mason Company
Income Statement
Selling and administrative expenses:
Required 3 >
$
0
0

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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: $ 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…
Please provide solution this financial accounting 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…
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Need answer financial accounting question