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 >
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 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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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 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2781b477-a13d-4959-ac03-8179b0539c9f%2F8f62b6bb-321b-4c77-817a-1f10122a874b%2Fq5v8qfc_processed.jpeg&w=3840&q=75)
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 >
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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