The following data from the just completed year are taken from the accounting records of Mairead Company. Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 81,000 $136,000 $ 107,000 $ 40,000 $ 228,000 $ 203,000 Inventories Raw materials Beginning Ending $ 8,000 $ 10,200 Work in process Finished goods $ 5,300 $ 20,600 $ 77,000 $ 25,600 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 Co 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. Mairead Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to C of Goods Sold. Mairead Company Schedule of Cost of Goods Sold Prepare an income statement. Mairead Company Income Statement Selling and administrative expenses: 0 0 $ 0 < Required 2 R
The following data from the just completed year are taken from the accounting records of Mairead Company. Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 81,000 $136,000 $ 107,000 $ 40,000 $ 228,000 $ 203,000 Inventories Raw materials Beginning Ending $ 8,000 $ 10,200 Work in process Finished goods $ 5,300 $ 20,600 $ 77,000 $ 25,600 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 Co 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. Mairead Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to C of Goods Sold. Mairead Company Schedule of Cost of Goods Sold Prepare an income statement. Mairead Company Income Statement Selling and administrative expenses: 0 0 $ 0 < Required 2 R
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following data from the just completed year are taken from the accounting records of Mairead Company.
Sales
Direct labor cost
Raw material purchases
Selling expenses
Administrative expenses
Manufacturing overhead applied to work in process
Actual manufacturing overhead costs
$ 652,000
$ 81,000
$136,000
$ 107,000
$ 40,000
$ 228,000
$ 203,000
Inventories
Raw materials
Beginning
Ending
$
8,000
$ 10,200
Work in process
Finished goods
$ 5,300
$ 20,600
$ 77,000
$ 25,600
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 Co
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.
Mairead Company
Schedule of Cost of Goods Manufactured
Direct materials:
Total raw materials available
Transcribed Image Text:Required 1 Required 2 Required 3
Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to C
of Goods Sold.
Mairead Company
Schedule of Cost of Goods Sold
Prepare an income statement.
Mairead Company
Income Statement
Selling and administrative expenses:
0
0
$
0
< Required 2
R
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