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The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed Costs incurred: Direct labour cost Purchases of raw materials Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales salaries $ 86,000 136, 000 38,000 7,600 106,000 1,060 66,000 32,000 6,200 29,000 5,100 Rent, factory facilities Supplies Depreciation, office equipment Depreciation, factory equipeent Beginning of the Year End of the Year Inventoriest Ra materials Nork in process Finished goods $9,600 11,000 39,700 $16,100 6,750 24,050 Required: 1. Prepare a schedule of cost of goods manufactured

The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed Costs incurred: Direct labour cost Purchases of raw materials Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales salaries $ 86,000 136, 000 38,000 7,600 106,000 1,060 66,000 32,000 6,200 29,000 5,100 Rent, factory facilities Supplies Depreciation, office equipment Depreciation, factory equipeent Beginning of the Year End of the Year Inventoriest Ra materials Nork in process Finished goods $9,600 11,000 39,700 $16,100 6,750 24,050 Required: 1. Prepare a schedule of cost of goods manufactured

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 1E: Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs...
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The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: Costs incurred: Direct labour cost Purchases of raw materials. Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment $ 86,000 136, 000 38,000 7,600 106, 000 1,060 66,000 32,000 6,200 29,000 5,100 Sales salaries Rent, factory facilities Supplies Depreciation, office equipment Depreciation, factory equipeent Beginning of the Year the Year End of Inventoriesi Ra materials Mork in process Finished goods $9,600 $16,100 11,900 39,700 6,750 24,050 Required: 1. Prepare a schedule of cost of goods manufactured
Transcribed Image Text:The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: Costs incurred: Direct labour cost Purchases of raw materials. Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment $ 86,000 136, 000 38,000 7,600 106, 000 1,060 66,000 32,000 6,200 29,000 5,100 Sales salaries Rent, factory facilities Supplies Depreciation, office equipment Depreciation, factory equipeent Beginning of the Year the Year End of Inventoriesi Ra materials Mork in process Finished goods $9,600 $16,100 11,900 39,700 6,750 24,050 Required: 1. Prepare a schedule of cost of goods manufactured
2. Prepare the cost of goods sold section of Mason Company's Income statement for the year. MASON COMPANY Income Statement (Partial) For the year just completed Goods available for sale Cost of goods sold
Transcribed Image Text:2. Prepare the cost of goods sold section of Mason Company's Income statement for the year. MASON COMPANY Income Statement (Partial) For the year just completed Goods available for sale Cost of goods sold
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