The following data from the just completed year are taken from the accounting records of Mason CompanySalezDirect labor contRaw material purchase:Selling expensesAdninistrative expensesManuf acturing overhead applied to work in processActual nanuf acturing overhead costs$ 651,000$82, 0004 133. 000$ 103.000$ 49,000$ 230.000$ 203. 000Invent orierKaw naterialsWork in procesaFinished zoodsBeginning$ 8.300$ 5.700$75,000Endang$ 10,800$ 20,600$ 25, 400Required: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 overappiled overhead is closed to Cost ofGoods Sold.3. Prepare an income statement.esComplete this question by entering your answers in the tabs below.Required 1Required 2Required 3Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Prepare a schedule of cost of goods manufactured, Assume all raw materials used in production were direct maMason CompanySchedule of Cost of Goods ManufacturedDirect materialsTotal raw materials availableDirect materlals used in productionTotal manufacturing costs added to productionTotal manufactng costs to account forCost of goods manufacturedRoquired 1Required 2 >Required 1Required 2Required 3Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Costof Goods Sold.Mason CompanySchedule of Cost of Goods Sold< Required 1Required 3 >Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Prepare an income statement.Mason CompanyIncome StatementSelling and administrative expenses:

Name: The following data from the just completed year are taken from the ac
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Description: The following data from the just completed year are taken from the accounting records of Mason CompanySalezDirect labor contRaw material purchase:Selling expensesAdninistrative expensesManuf acturing overhead applied to work in processActual nanuf a

Cost of goods manufactured means the costs related to the process of production or manufacture.

Business

Accounting

The following data from the just completed year are taken from the accounting records of Mason Company Salez Direct labor cost Raw naterial purchazes Selling expenzes Adninistrative expenses Manuf acturing overhead applied to work in process Actual nanuf acturing overhead corts $ 651, 000 $82, 000 $133.000 $ 103.000 $ 49,000 $ 230.000 24203.000 Invent orier Kaw nateriale Vork in process Finished zoods Beginning $ 8.300 $ 5.700 $ 75,00 Ending $ 10.800 $ 20, 600 $ 25, 400 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. 3. Prepare an income statement.

The following data from the just completed year are taken from the accounting records of Mason Company Salez Direct labor cost Raw naterial purchazes Selling expenzes Adninistrative expenses Manuf acturing overhead applied to work in process Actual nanuf acturing overhead corts $ 651, 000 $82, 000 $133.000 $ 103.000 $ 49,000 $ 230.000 24203.000 Invent orier Kaw nateriale Vork in process Finished zoods Beginning $ 8.300 $ 5.700 $ 75,00 Ending $ 10.800 $ 20, 600 $ 25, 400 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. 3. Prepare an income statement.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 7P: Selected account balances and transactions of Titan Foundry Inc. follow: May Transactions: a....

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