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 Beginning Ending $ Raw materials $7,000 15,000 Work in $ process 5,000 $ Finished goods 35,000 $ 10,000 $ 20,000 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 overhea closed to Cost of Goods Sold. 3. Prepare an income statement Complete this question by entering your answers in the tabs below. Required Required Required Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direct materials Mason Company Schedule of Cost of Goods Manufactured Total raw materials available Direct materials used in production . 524,000 $ 70,000 $ 118,000 140,000 $ 63,000 $ 90,000 $ 80,000 Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required Required 2 >

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income
Statement [LO3-3]
The following data from the just completed year are taken from the accounting records of Mason Company:
$
524,000
$ 70,000
$
118,000
140,000
$ 63,000
$ 90,000
$ 80,000
Sales
Direct labor cost
Raw material purchases
Selling expenses
Administrative expenses
Manufacturing overhead applied to work
in process
Actual manufacturing overhead costs
Inventories Beginning Ending
Raw materials $7,000
$
15,000
$
Work in
process
Finished
5,000
$
goods
35,000
$
10,000
$
20,000
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 Required Required
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
Direct materials used in production
Total manufacturing costs added to
production
Total manufacturing costs to account
for
Cost of goods manufactured
< Required 1
0
o
Required 2 >
Transcribed Image Text:Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] The following data from the just completed year are taken from the accounting records of Mason Company: $ 524,000 $ 70,000 $ 118,000 140,000 $ 63,000 $ 90,000 $ 80,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Ending Raw materials $7,000 $ 15,000 $ Work in process Finished 5,000 $ goods 35,000 $ 10,000 $ 20,000 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 Required Required 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 Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured < Required 1 0 o Required 2 >
Complete this question by entering your answers in the tabs below.
Required Required Required
1
2
3
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
< Required 1
Required Required Required
2
3
Prepare an income statement.
Mason Company
Income Statement
Selling and administrative
expenses:
$
$
< Required 2
Required 3 >
0
0
0
Required 3 >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 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 < Required 1 Required Required Required 2 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses: $ $ < Required 2 Required 3 > 0 0 0 Required 3 >
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