Please do not give solution in image format thanku 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$ 206,000SalesDirect labor costRaw material purchases.Selling expensesAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costsInventoriesRaw materialsWork in processFinished goodsBeginning$ 8,800$ 5,500$ 72,000Ending$ 18,300$ 20,300$ 25,500Required: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 ofGoods 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. Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were cDirect materials:Total raw materials availableMason CompanySchedule of Cost of Goods ManufacturedRequired 3Direct materials used in production.Cost of goods manufacturedTotal manufacturing costs added to productionTotal manufacturing costs to account forComplete this question by entering your answers in the tabs below.Mason CompanySchedule of Cost of Goods Sold< Required 1Required 1 Required 2 Required 3Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Costof Goods Sold.Required 1 Required 2 Required 3Prepare an income statement.Selling and administrative expenses:< Required 1Complete this question by entering your answers in the tabs below.Mason CompanyIncome StatementRequired 2 >< Required 2Required 3 >0Required 3 >

The statement of cost of goods manufactured includes the cost of goods that are finished during the…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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