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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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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