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 $ 5,400 $ 21,000 $ 75,000 $ 25,100 Direct materials: Ending $ 10,900 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. 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. Total raw materials available Mason Company Schedule of Cost of Goods Manufactured Direct materials used in production Cost of goods manufactured $ 658,000 $ 87,000 $ 135,000 $ 103,000 $ 40,000 Total manufacturing costs added to production Total manufacturing costs to account for $ 230,000 $ 204,000 < Required 1 Required 2 > 0 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Required 1
Beginning Ending
$ 8,300 $ 10,900
$ 5,400 $ 21,000
$ 75,000 $ 25,100
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.
Complete this question by entering your answers in the tabs below.
Direct materials:
Required 2
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
Total raw materials available
Required 3
Mason Company
Schedule of Cost of Goods Manufactured
Direct materials used in production
Cost of goods manufactured
$ 658,000
$ 87,000
Total manufacturing costs added to production
Total manufacturing costs to account for
$ 135,000
$ 103,000
$ 40,000
$ 230,000
$ 204,000
< Required 1
Required 2 >
0
0
Transcribed Image Text: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 Required 1 Beginning Ending $ 8,300 $ 10,900 $ 5,400 $ 21,000 $ 75,000 $ 25,100 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. Complete this question by entering your answers in the tabs below. Direct materials: Required 2 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Total raw materials available Required 3 Mason Company Schedule of Cost of Goods Manufactured Direct materials used in production Cost of goods manufactured $ 658,000 $ 87,000 Total manufacturing costs added to production Total manufacturing costs to account for $ 135,000 $ 103,000 $ 40,000 $ 230,000 $ 204,000 < Required 1 Required 2 > 0 0
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