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 that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.

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 that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

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The following data from the just completed year are taken from the accounting records of Mason Company:
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
Beginning
Ending
$ 8,900
$ 10,600
$ 5,700
$ 20,200
Finished goods
$ 70,000
$ 25,400
Work in process
$ 653,000
$ 82,000
$ 138,000
$ 104,000
$ 45,000
$ 225,000
$ 208,000
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 that 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.
Mason Company
Schedule of Cost of Goods Manufactured
Direct materials:
Total raw materials available
Direct materials used in production
Total manufacturing costs added to production
Total manufacturing costs to account for
Cost of goods manufactured

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