The following data from the just completed year are taken from the accounting records of Mason Company Sales Direct labor cost Rav 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 Ending $10,000 $20,600 $25,400 $ 8,500 $ 5,800 $ 79,000 $ 656,000 $ 84,000 $ 136,000 $ 107,000 $ 49,000 $ 227,000 $ 205,000 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.

The following data from the just completed year are taken from the accounting records of Mason Company Sales Direct labor cost Rav 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 Ending $10,000 $20,600 $25,400 $ 8,500 $ 5,800 $ 79,000 $ 656,000 $ 84,000 $ 136,000 $ 107,000 $ 49,000 $ 227,000 $ 205,000 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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