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The following data from the just completed year are taken from the accounting records of Mason Company: $ 655,000 $ 81,000 $ 131,000. $ 108,000 $ 49,000 $ 227,000 $ 207,000 Sales Direct labor cost Raw material purchases i Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $8,000 $5,300 $ 72,000 $ 25,100 Ending $ 10,800 $ 20,400 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory S 5,300

The following data from the just completed year are taken from the accounting records of Mason Company: $ 655,000 $ 81,000 $ 131,000. $ 108,000 $ 49,000 $ 227,000 $ 207,000 Sales Direct labor cost Raw material purchases i Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $8,000 $5,300 $ 72,000 $ 25,100 Ending $ 10,800 $ 20,400 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory S 5,300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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-S The following data from the just completed year are taken from the accounting records of Mason Company: $ 655,000 $ 81,000 $ 131,000. $ 108,000 $ 49,000 $ 227,000 $ 207,000 Sales Direct labor cost Raw material purchases i Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $8,000 $5,300 $ 72,000 $ 25,100 Ending $ 10,800 $ 20,400 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: 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 Total manufacturing costs added to production Total manufacturing costs to account for Less Ending work in process inventory Cost of goods manufactured $ 8,800 131,000 139,800 10,800 <Required 1 $ 129,000 81,000 S 5,300 210,000 215,300 Required 2 >
Transcribed Image Text:-S The following data from the just completed year are taken from the accounting records of Mason Company: $ 655,000 $ 81,000 $ 131,000. $ 108,000 $ 49,000 $ 227,000 $ 207,000 Sales Direct labor cost Raw material purchases i Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $8,000 $5,300 $ 72,000 $ 25,100 Ending $ 10,800 $ 20,400 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: 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 Total manufacturing costs added to production Total manufacturing costs to account for Less Ending work in process inventory Cost of goods manufactured $ 8,800 131,000 139,800 10,800 <Required 1 $ 129,000 81,000 S 5,300 210,000 215,300 Required 2 >
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. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add Cost of goods manufactured Cost of goods available for sale Less Ending finished goods inventory Unadjusted cost of goods sold Add Underapplied overhead Adjusted cost of goods sold Required 1 Required 2 < Required 1 $ Prepare an income statement. Required 3 72,000 Selling and administrative expenses: Mason Company Income Statement Required 3 > $ < Required 2 0 0 0 Required 3
Transcribed Image Text: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. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add Cost of goods manufactured Cost of goods available for sale Less Ending finished goods inventory Unadjusted cost of goods sold Add Underapplied overhead Adjusted cost of goods sold Required 1 Required 2 < Required 1 $ Prepare an income statement. Required 3 72,000 Selling and administrative expenses: Mason Company Income Statement Required 3 > $ < Required 2 0 0 0 Required 3
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