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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 Ending Beginning $ 8,200 $5,900 $ 10,100 $ 20,100 $ 76,000 $ 25,100 $ 659,000 $ 83,000 $ 134,000 $ 109,000 $ 50,000 $ 221,000 $ 201,000 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.

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 Ending Beginning $ 8,200 $5,900 $ 10,100 $ 20,100 $ 76,000 $ 25,100 $ 659,000 $ 83,000 $ 134,000 $ 109,000 $ 50,000 $ 221,000 $ 201,000 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
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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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 Required 2 Prepare a schedule of cost of goods manufactured. Assume all raw materials used Direct materials Mason Company Schedule of Cost of Goods Manufactured Total raw materials available Drect matras used in production Tai manute Cost of goods manufactured duction Complete this question by entering your answers in the tabs below. Required 1 Prepare a schedule of cost of goods sold. Assume the compa Goods Sold Required 2 Required 3 Mason Company Schedule of Cost of Goods Sold 3. Prepare an income statement Required 1 Required 2 Required Prepare an income statement. Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Mason Company Income Statement Selling and administrative expenses Required 3> were direct materials overhead is closed to Cost of
Transcribed Image Text: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 Required 2 Prepare a schedule of cost of goods manufactured. Assume all raw materials used Direct materials Mason Company Schedule of Cost of Goods Manufactured Total raw materials available Drect matras used in production Tai manute Cost of goods manufactured duction Complete this question by entering your answers in the tabs below. Required 1 Prepare a schedule of cost of goods sold. Assume the compa Goods Sold Required 2 Required 3 Mason Company Schedule of Cost of Goods Sold 3. Prepare an income statement Required 1 Required 2 Required Prepare an income statement. Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Mason Company Income Statement Selling and administrative expenses Required 3> were direct materials overhead is closed to Cost of
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 Ending $ 8,200 $ 10,100 $5,900 $ 20,100 $ 76,000 $ 25,100 $ 659,000 $ 83,000 $ 134,000 $ 109,000 $ 50,000 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. Direct materials $ 221,000 $ 201,000 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. Mason Company Schedule of Cost of Goods Manufactured Total raw materials available
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 Beginning Ending $ 8,200 $ 10,100 $5,900 $ 20,100 $ 76,000 $ 25,100 $ 659,000 $ 83,000 $ 134,000 $ 109,000 $ 50,000 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. Direct materials $ 221,000 $ 201,000 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. Mason Company Schedule of Cost of Goods Manufactured Total raw materials available
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