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The following data from the just completed year are taken from the accounting records of Mason Company: $ 659,000 $ 88,000 $ 133,000 $ 100,000 $ 40,000 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 $ 8,200 $ 5,600 $ 80,000 Ending $ 10,200 Show Transcribed Text $ 20,900 $ 25,600 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. Beginning work in process inventory Direct materials: $ 223,000 $ 208,000 3 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead Finished goods Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured Mason Company Schedule of Cost of Goods Manufactured C $ 8,200 10,200 88,000 223,000 $ 5,600 311,000 316,600 20,900

The following data from the just completed year are taken from the accounting records of Mason Company: $ 659,000 $ 88,000 $ 133,000 $ 100,000 $ 40,000 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 $ 8,200 $ 5,600 $ 80,000 Ending $ 10,200 Show Transcribed Text $ 20,900 $ 25,600 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. Beginning work in process inventory Direct materials: $ 223,000 $ 208,000 3 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead Finished goods Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured Mason Company Schedule of Cost of Goods Manufactured C $ 8,200 10,200 88,000 223,000 $ 5,600 311,000 316,600 20,900

FINANCIAL ACCOUNTING
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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The following data from the just completed year are taken from the accounting records of Mason Company: $ 659,000 $ 88,000 $ 133,000 $ 100,000 $ 40,000 $ 223,000 $ 208,000 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 $ 8,200 $ 5,600 $ 80,000 Ending $ 10, 200 $ 20,900 $ 25,600 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. Show Transcribed Text Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: 3 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead Finished goods Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured $ 8,200 10,200 88,000 223,000 $ 5,600 311,000 316,600 20,900
Transcribed Image Text:The following data from the just completed year are taken from the accounting records of Mason Company: $ 659,000 $ 88,000 $ 133,000 $ 100,000 $ 40,000 $ 223,000 $ 208,000 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 $ 8,200 $ 5,600 $ 80,000 Ending $ 10, 200 $ 20,900 $ 25,600 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. Show Transcribed Text Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: 3 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead Finished goods Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured $ 8,200 10,200 88,000 223,000 $ 5,600 311,000 316,600 20,900
Required 1 Required 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. Mason Company Schedule of Cost of Goods Sold Show Transcribed Text Required 3 Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses: < Required 1 $ < Required 2 Ç 0 0 0 Required 3 > Required 3 >
Transcribed Image Text:Required 1 Required 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. Mason Company Schedule of Cost of Goods Sold Show Transcribed Text Required 3 Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses: < Required 1 $ < Required 2 Ç 0 0 0 Required 3 > Required 3 >
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