The following data from the just completed year are taken from the accounting records of Mason Company:$ 659,000$ 80,000Sales:Direct labor costRaw material purchasesSelling expensesAdministrative expenses.Manufacturing overhead applied to work in processActual manufacturing overhead costs.InventoriesRaw materials.Work in processFinished goodsBeginning.Ending)$ 10,900$ 8,800$ 5,100$ 20,600$ 70,000 $ 25,200$ 139,000$ 102,000$ 41,000$ 227,000$ 206,000Required: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 CostGoods Sold.3. Prepare an income statement.Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.Direct materials:Mason CompanySchedule of Cost of Goods ManufacturedTotal raw materials availableDirect materials used in productionTotal manufacturing costs added to productionTotal manufacturing costs to account forCost of goods manufacturedRequired 1 Required 2Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Costof Goods Sold.Required 3Mason CompanySchedule of Cost of Goods SoldRequired 1 Required 2< Required 1Required 3Prepare an income statement.Mason CompanyIncome StatementSelling and administrative expenses:Required 3 >< Required 2Required 3>

Cost of goods manufactured is the total production cost of a company during a specific period of…

The following data from the just completed year are taken from the accounting records of Mason Company: $659,000 $80,000 $ 139,000 $ 102,000 $ 41,000 $ 227,000 $ 206,000 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. Ending. $8,800 $ 10,900 $ 20,600 $ 5,100 $70,000 $ 25,200 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: $659,000 $80,000 $ 139,000 $ 102,000 $ 41,000 $ 227,000 $ 206,000 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. Ending. $8,800 $ 10,900 $ 20,600 $ 5,100 $70,000 $ 25,200 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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