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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 Work in process Finished goods Direct materials: $ 652,000 $ 86,000 $ 134,000 $ 107,000 $ 47,000 $ 206,000 $ 222,000 End of Year Beginning of Year $8,800 $ 10,100 $5,300 $20,000 $72,000 $25,900 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Raw materials available for use Mason Company Schedule of Cost of Goods Manufactured

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 Work in process Finished goods Direct materials: $ 652,000 $ 86,000 $ 134,000 $ 107,000 $ 47,000 $ 206,000 $ 222,000 End of Year Beginning of Year $8,800 $ 10,100 $5,300 $20,000 $72,000 $25,900 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Raw materials available for use Mason Company Schedule of Cost of Goods Manufactured

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Work in process Finished goods Direct materials: Beginning of Year $ 652,000 $ 86,000 $ 134,000 End of Year $ 8,800 $ 10,100 $ 5,300 $ 20,000 $ 72,000 $ 25,900 $ 107,000 $ 47,000 $ 206,000 $ 222,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Raw materials available for use Mason Company Schedule of Cost of Goods Manufactured
Transcribed Image Text: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 Work in process Finished goods Direct materials: Beginning of Year $ 652,000 $ 86,000 $ 134,000 End of Year $ 8,800 $ 10,100 $ 5,300 $ 20,000 $ 72,000 $ 25,900 $ 107,000 $ 47,000 $ 206,000 $ 222,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Raw materials available for use Mason Company Schedule of Cost of Goods Manufactured
Raw materials used in production Total manufacturing costs Cost of goods manufactured Prepare a schedule of cost of goods sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Goods available for sale Unadjusted cost of goods sold Adjusted cost of goods sold 3. Prepare an income statement. Mason Company Income Statement Selling and administrative expenses:
Transcribed Image Text:Raw materials used in production Total manufacturing costs Cost of goods manufactured Prepare a schedule of cost of goods sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Goods available for sale Unadjusted cost of goods sold Adjusted cost of goods sold 3. Prepare an income statement. Mason Company Income Statement Selling and administrative expenses:
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