the following data 1or this year Sales Direct labor cost Raw material purchases. Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 88,000 $ 138,000 $ 105,000 $50,000 $ 227,000 $ 210,000 Inventories Beginning Ending. $ Raw materials $ 8,100 10,900 Work in $ 20,400 process Finished goods $ 25,200 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct $ 5,100 $ 70,000
the following data 1or this year Sales Direct labor cost Raw material purchases. Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 88,000 $ 138,000 $ 105,000 $50,000 $ 227,000 $ 210,000 Inventories Beginning Ending. $ Raw materials $ 8,100 10,900 Work in $ 20,400 process Finished goods $ 25,200 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct $ 5,100 $ 70,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 Beginning Ending
$
Raw materials $ 8,100
10,900
$
$ 5,100
20,400
Work in
process
Finished
goods
$
$
70,000
25,200
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.
Required Required Required
1
2
3
Complete this question by entering your answers in the tabs below.
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in
production were direct materials.
Direct materials:
Mason Company
Schedule of Cost of Goods Manufactured
Total raw materials available
Direct materials used in production
$
652,000
$ 88,000
Total manufacturing costs added to
production
$
138,000
$
105,000
$ 50,000
$
227,000
$
210,000
Total manufacturing costs to account
for
Cost of goods manufactured
< Required 1
Required 2 >
0
0
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