Please do not give solution in image format thanku -5The following data from the just completed year are taken from the accounting records of MasonCompany:SalesDirect labor cost.Raw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costsInventoriesRaw materials.Work in processFinished goodsBeginning.$ 8,000$ 5,700$ 75,000Ending$ 10,200$ 20,900$ 25,800$ 653,000$ 87,000$ 135,000$ 100,000$ 43,000.$ 222,000$ 200,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied oroverapplied overhead is closed to Cost of Goods Sold.3. Prepare an income statement. Required 1 Required 2Required)Prepare a schedule of cost of goods manufactured. Assume all rew materials used in production were dDirectTotal raw materVases CompanySchedule of Cost of Goods ManatacardDeel was used in productionTotal rankring oss added to produciTotal manufacturing coes to accantCost of goods andComplete this question by entering your answers in the tabs below.ofRequired tRequired P2 Required 3Prepare a schedule of cost of goods aid. Assume that the company's undereaped or everpleverese Goods SFred Required 2 Required)Prepare an income statement.Mason CompanyIncome StersentSelling and an experRequired 2 >Required 1Complete this question by entering your answers in the tabs below.RequiredRequired 3>Check my werk

Lets understand the basics.Cost of goods manufactured is the total production cost of a company…

The following data from the just completed year are taken from the accounting records of Mason Company: 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 $ 8,000 $ 10,200 $ 20,900 $ 5,700 $ 75,000 $ 25,800 $ 653,000 $ 87,000 $ 135,000 $ 100,000 $ 43,000 $ 222,000 $ 200,000 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 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: 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 $ 8,000 $ 10,200 $ 20,900 $ 5,700 $ 75,000 $ 25,800 $ 653,000 $ 87,000 $ 135,000 $ 100,000 $ 43,000 $ 222,000 $ 200,000 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 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

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