Mason Company provided the following data for this year:SalesDirect labor costRaw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costsInventoriesRaw materialsWork in processFinished goodsBeginning$ 8,600$ 5,800$ 71,000Ending$ 10,800$ 20,000$ 25,400$ 653,000$ 82,000$ 133,000$ 106,000$ 45,000$ 223,000$ 201,000Required: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 GoodsSold.3. Prepare an income statement.

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

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 $ 8,600 $ 5,800 Ending $ 10,800 $ 20,000 $ 71,000 $ 25,400 $ 653,000 $82,000 $ 133,000 $ 106,000 $ 45,000 $ 223,000 $ 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 Beginning $ 8,600 $ 5,800 Ending $ 10,800 $ 20,000 $ 71,000 $ 25,400 $ 653,000 $82,000 $ 133,000 $ 106,000 $ 45,000 $ 223,000 $ 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00
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Primare Corporation has provided the following data concerning last month's manufacturing operations. $30,000 $ 5,000 $58,000 $87,000 $ 4,000 Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Beginning Ending $ 12,000 $ 18,000 $ 56,000 $ 65,000 $ 35,000 $ 42,000 Inventories Raw materials Work in process Finished goods Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Under absorption costing, what is the cost of goods sold? (Round cost per unit to 2 decimal places, eg. 2.52 and final answer to 0 decimal place, e.g. 2,152.) Cost of goods sold $ eTextbook and Medi Save for Later Attempts: 0 of 3 used Submit Answer
Using the attached Prepare a schedule of cost of goods manufactured.
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 11, 200 $ 55,700 $ 33,700 Ending $ 19,900 $ 65,800 $ 42,800 $ 31,000 $ 4,940 $ 59,300 $ 87,600 $ 4,080 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Mason Company provided the following data for this year: Sales $ 659,000 Direct labor cost $ 82,000 Raw material purchases $ 131,000 Selling expenses $ 101, 000 Administrative expenses $ 48,000 Manufacturing overhead applied to work in process $ 226,000 Actual manufacturing overhead costs $ 202, 000 Inventories Beginning Ending Raw materials $ 8,800 $ 10, 500 Work in process $ 5,100 $ 21,000 Finished goods $ 77,000 $25, 600 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.
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