The following data from the just completed year are taken from the accounting records of Mason Company:          Sales $ 650,000 Direct labor cost $ 85,000 Raw material purchases $ 134,000 Selling expenses $ 102,000 Administrative expenses $ 43,000 Manufacturing overhead applied to work in process $ 207,000 Actual manufacturing overhead costs $ 221,000     Inventories Beginning Ending Raw materials $ 8,700 $ 10,100 Work in process $ 5,000 $ 20,100 Finished goods $ 79,000 $ 25,700     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 Cost of Goods Sold. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.         Mason Company Schedule of Cost of Goods Manufactured Direct materials:                 Total raw materials available           Raw materials used in production                 Total manufacturing costs               0       Cost of goods manufactured           Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.         Mason Company Schedule of Cost of Goods Sold

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following data from the just completed year are taken from the accounting records of Mason Company:

 

      
Sales $ 650,000
Direct labor cost $ 85,000
Raw material purchases $ 134,000
Selling expenses $ 102,000
Administrative expenses $ 43,000
Manufacturing overhead applied to work in process $ 207,000
Actual manufacturing overhead costs $ 221,000
 

 

Inventories Beginning Ending
Raw materials $ 8,700 $ 10,100
Work in process $ 5,000 $ 20,100
Finished goods $ 79,000 $ 25,700
 

 

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 Cost of Goods Sold.

Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

 
 
 
 
Mason Company
Schedule of Cost of Goods Manufactured
Direct materials:    
     
     
Total raw materials available    
     
Raw materials used in production    
     
     
Total manufacturing costs    
     
    0
     
Cost of goods manufactured    
 
 
 

Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.

 
 
 
 
Mason Company
Schedule of Cost of Goods Sold
   
   
   
   
   
   
 

 

 

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