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The following data from the just completed year are taken from the accounting records of Mason Company. $ 651,000 $ 80,000 $ 138,000 $ 101,000 $ 44,000 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 $ 8,800 $ 5,500 Ending $ 10,300 $ 20,300 $ 72,000 $ 25,500 $ 227,000 $ 206,000 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 a

The following data from the just completed year are taken from the accounting records of Mason Company. $ 651,000 $ 80,000 $ 138,000 $ 101,000 $ 44,000 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 $ 8,800 $ 5,500 Ending $ 10,300 $ 20,300 $ 72,000 $ 25,500 $ 227,000 $ 206,000 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 a

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following data from the just completed year are taken from the accounting records of Mason Company. $ 651,000 $ 80,000 $ 138,000 $ 101,000 $ 44,000 $ 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 $ 8,800 $ 5,500 $ 72,000 Ending $ 18,300 $ 20,300 $ 25,500 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.
Transcribed Image Text:The following data from the just completed year are taken from the accounting records of Mason Company. $ 651,000 $ 80,000 $ 138,000 $ 101,000 $ 44,000 $ 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 $ 8,800 $ 5,500 $ 72,000 Ending $ 18,300 $ 20,300 $ 25,500 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.
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were c Direct materials: Total raw materials available Mason Company Schedule of Cost of Goods Manufactured Required 3 Direct materials used in production. Cost of goods manufactured Total manufacturing costs added to production Total manufacturing costs to account for Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Sold < Required 1 Required 1 Required 2 Required 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. Required 1 Required 2 Required 3 Prepare an income statement. Selling and administrative expenses: < Required 1 Complete this question by entering your answers in the tabs below. Mason Company Income Statement Required 2 > < Required 2 Required 3 > 0 Required 3 >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were c Direct materials: Total raw materials available Mason Company Schedule of Cost of Goods Manufactured Required 3 Direct materials used in production. Cost of goods manufactured Total manufacturing costs added to production Total manufacturing costs to account for Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Sold < Required 1 Required 1 Required 2 Required 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. Required 1 Required 2 Required 3 Prepare an income statement. Selling and administrative expenses: < Required 1 Complete this question by entering your answers in the tabs below. Mason Company Income Statement Required 2 > < Required 2 Required 3 > 0 Required 3 >
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