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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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-5 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. $ 8,000 $ 5,700 $ 75,000 Ending $ 10,200 $ 20,900 $ 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.
Transcribed Image Text:-5 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. $ 8,000 $ 5,700 $ 75,000 Ending $ 10,200 $ 20,900 $ 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.
Required 1 Required 2 Required) Prepare a schedule of cost of goods manufactured. Assume all rew materials used in production were d Direct Total raw mater Vases Company Schedule of Cost of Goods Manatacard Deel was used in production Total rankring oss added to produci Total manufacturing coes to accant Cost of goods and Complete this question by entering your answers in the tabs below. of Required t Required P2 Required 3 Prepare a schedule of cost of goods aid. Assume that the company's undereaped or everpleveres e Goods S Fred Required 2 Required) Prepare an income statement. Mason Company Income Stersent Selling and an exper Required 2 > Required 1 Complete this question by entering your answers in the tabs below. Required Required 3> Check my werk
Transcribed Image Text:Required 1 Required 2 Required) Prepare a schedule of cost of goods manufactured. Assume all rew materials used in production were d Direct Total raw mater Vases Company Schedule of Cost of Goods Manatacard Deel was used in production Total rankring oss added to produci Total manufacturing coes to accant Cost of goods and Complete this question by entering your answers in the tabs below. of Required t Required P2 Required 3 Prepare a schedule of cost of goods aid. Assume that the company's undereaped or everpleveres e Goods S Fred Required 2 Required) Prepare an income statement. Mason Company Income Stersent Selling and an exper Required 2 > Required 1 Complete this question by entering your answers in the tabs below. Required Required 3> Check my werk
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