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: Beginning Ending $ 8,700 $ 10,300 $ 5,400 $ 20,900 $ 75,000 $ 25,800 $ 651,000 $ 85,000 $ 138,000 $ 108,000 $ 44,000 $ 226,000 $ 210,000 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 Go 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 Required: Beginning Ending $ 8,700 $ 10,300 $ 5,400 $ 20,900 $ 75,000 $ 25,800 $ 651,000 $ 85,000 $ 138,000 $ 108,000 $ 44,000 $ 226,000 $ 210,000 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 Go Sold. 3. Prepare an income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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:
Beginning
Ending
$ 8,700 $ 10,300
$ 5,400 $ 20,900
$ 75,000 $ 25,800
$ 651,000
$ 85,000
$ 138,000
$ 108,000
$ 44,000
$ 226,000
$ 210,000
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.
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