The following data from the just completed year are taken from the accounting records of Mason Company: $ 653,000 87,000 $ 139,000 $ 109,000 $ 42,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Rav materials Work in process Finished goods Beginning $ 8,600 $5,300 $ 73,000 Ending $ 10,600 $ 20,200 $ 25,200 $ 225,000 $ 205,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Note: You may have a blank line in this schedule when formatting in the Connect system. 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.

FINANCIAL ACCOUNTING
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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:
$ 653,000
87,000
$ 139,000
$ 109,000
$ 42,000
$ 225,000
$ 205,000
Sales
Direct labor cost
Raw material purchases
Selling expenses
Administrative expenses
Manufacturing overhead applied to work in process
Actual manufacturing overhead costs
Inventories
Rav materials
Work in process
Finished goods
Beginning
$ 8,600
$5,300
$ 73,000
Ending
$ 10,600
$ 20,200
$ 25,200
Required:
1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Note: You
may have a blank line in this schedule when formatting in the Connect system.
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.
Transcribed Image Text:The following data from the just completed year are taken from the accounting records of Mason Company: $ 653,000 87,000 $ 139,000 $ 109,000 $ 42,000 $ 225,000 $ 205,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Rav materials Work in process Finished goods Beginning $ 8,600 $5,300 $ 73,000 Ending $ 10,600 $ 20,200 $ 25,200 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Note: You may have a blank line in this schedule when formatting in the Connect system. 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.
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