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The following data from the just completed year are taken from the accounting records of Mason Company. $ 659,000 $ 54,000 $ 133,000 $ 103,000 $ 40,000 $ 222,000 $ 202,000 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 Beginning $1,600 $5,400 $ 73,000 Ending $ 10,700 $ 20,100 $ 25,100 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. 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.

The following data from the just completed year are taken from the accounting records of Mason Company. $ 659,000 $ 54,000 $ 133,000 $ 103,000 $ 40,000 $ 222,000 $ 202,000 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 Beginning $1,600 $5,400 $ 73,000 Ending $ 10,700 $ 20,100 $ 25,100 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. 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.

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. $ 659,000 $ 54,000 $ 133,000 $ 103,000 $ 40,000 222,000 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 Beginning $1,600 $5,400 $ 73,000 Ending $ 10,700 $ 20,100 $ 25,100 $ $ 202,000 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. 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.
Transcribed Image Text:The following data from the just completed year are taken from the accounting records of Mason Company. $ 659,000 $ 54,000 $ 133,000 $ 103,000 $ 40,000 222,000 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 Beginning $1,600 $5,400 $ 73,000 Ending $ 10,700 $ 20,100 $ 25,100 $ $ 202,000 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. 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.
Required 1 Required 2 Required 3 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: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less Ending raw materials inventory Direct materials used in production Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less Beginning work in process inventory Cost of goods manufactured Required 11 Required 2 Required 31 Mason Company Schedule of Cost of Goods Sold Required 1 Required 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. Required 3 Prepare an income statement. < Required 1 Mason Company Income Statement Selling and administrative expenses S Required 2 > < Required 2 Required 3 > 0 0 0 0
Transcribed Image Text:Required 1 Required 2 Required 3 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: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less Ending raw materials inventory Direct materials used in production Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less Beginning work in process inventory Cost of goods manufactured Required 11 Required 2 Required 31 Mason Company Schedule of Cost of Goods Sold Required 1 Required 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. Required 3 Prepare an income statement. < Required 1 Mason Company Income Statement Selling and administrative expenses S Required 2 > < Required 2 Required 3 > 0 0 0 0
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