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 Ending Beginning $ 8,600 $ 10,700 Work in process $ 5,700 $ 20,100 Finished goods $ 79,000 $ 25,600 $ 657,000 $ 89,000 $ 130,000 $ 108,000 $ 45,000 $ 223,000 $ 208,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production we 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied over Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2

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 Ending Beginning $ 8,600 $ 10,700 Work in process $ 5,700 $ 20,100 Finished goods $ 79,000 $ 25,600 $ 657,000 $ 89,000 $ 130,000 $ 108,000 $ 45,000 $ 223,000 $ 208,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production we 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied over Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 2

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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