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

See similar textbooks

Similar questions

Selected financial information for Shadyside Manufacturing is presented in the following table (000s omitted). Sales revenue $5,000 Purchases of direct materials $480 Direct labor $510 Manufacturing overhead $690 Operating expenses $680 Beginning raw materials inventory $260 Ending raw materials inventory $180 Beginning work in process inventory $360 Ending work in process inventory $450 Beginning finished goods inventory $300 Ending finished goods inventory $230 What was the cost of direct materials used? $740 $440 $560 $480
Give me correct answer with explanation.s
ints) The following data have been taken from the accounting records of Larder Corporation for the just completed year. Sales. $2,100,000 $350,000 $385,000 $390,000 $225,000 $210,000 $210,000 $190,000 $135,000 $120,000 $195,000 $140,000 Purchases of raw materials Direct labor. Applied Manufacturing overhead Administrative expenses. Selling expenses. Raw materials inventory, beginning. Raw materials inventory, ending Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning.. Finished goods inventory, ending.. Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form. b. Compute the Cost of Goods Sold. c. Using data from your answers above, prepare an Income Statement (using the traditional format).
The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just completed year. Sales ........... Raw materials inventory, beginning........... Raw materials inventory, ending. $910 $80 $20 $100 $130 $200 $160 Selling expenses.......... $140 Work in process inventory, beginning....... $40 Work in process inventory, ending....... $10 Finished goods inventory, beginning......... $130 Finished goods inventory, ending.... $150 The cost of goods sold for the year (in thousands of dollars) was: Purchases of raw materials.... Direct labor........... Manufacturing overhead. Administrative expenses........ O $670 O $500 $540 O $650
Answer all the three requirement in text form without image
Want Correct Answer without fails pleas
The following data from the just completed year are taken from the accounting records of Mason Company: $ 654,000 $ 89,000 $ 135,000 $ 107,000 $ 46,000 $ 226,000 $ 210,000 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 $ 10,100 $5,000 $ 20,800 $77,000 $ 25,400 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. Direct…
Selected data concerning the past year’s operations of the Altek Manufacturing Company are as follows:Inventories ($) Beginning EndingRaw materials 71,000 81,000Work in Process 80,000 30,000Finished Goods 90,000 110,000Other Data:Direct Materials Used ---------------------------------------------- $ 326,000Total Manufacturing Costs Charged to productionduring the year (includes direct material, direct labour,and manufacturing overhead applied at arate of 60% of direct-labour cost) ----------------------------------$ 686,000Cost of Goods Available for Sale ----------------------------------$ 826,000Selling and Administration Expenses ----------------------------- $ 31,500 Required: What was the cost of goods sold during the year?
Using the attached, Was the overhead underallocated or overallocated? By how much?
X Company reported the following year-end information: Beginning Raw Materials Inventory $60,000 Ending Raw Materials Inventory 90,000 Beginning Work in Process Inventory 113,000 Ending Work in Process Inventory 180,000 Raw Materials purchased 200,000 Direct Labor 210,000 Manufacturing Overhead 490,000 Selling and Administrative Expenses 157,000 Refer to the above, what was the cost of raw materials used? * $260,000 $170,000 $140,000 None of the above
Using the following for March, calculate the cost of goods manufactured: Direct materials $29,000 Direct labor $19,000 Manufacturing overhead $27,000 Beginning work in process inventory $10,000 Ending work in process inventory $12,000 The cost of goods manufactured was: $74,000 $86,000 $76,000 $73,000 Show the calculation and work.
Dhapa