The following data from the just completed year are taken from the accounting records of Mason Company:SalesDirect labor costRaw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work inprocessActual manufacturing overhead costs$659,000$ 87,000$133,000$103,000$ 43,000$225,000$202,000InventoriesRaw materialsWork inBeginning Ending$ 8,500 $10,500$ 5,600 $20, 800Finished goods $73,000 $25,400processRequired:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were directmaterials.2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead isclosed to Cost of Goods Sold.3. Prepare an income statement.Complete this question by entering your answers in the tabs below.Required Required RequiredPrepare a schedule of cost of goods manufactured. Assume all raw materials used inproduction were direct materials.Mason CompanySchedule of Cost of Goods ManufacturedDirect materials:Beginning raw materials inventory$ 8,500133,000Add: Purchases of raw materialsTotal raw materials availableLess: Ending raw materials inventoryDirect materials used in productionRaw materialsDirect laborManufacturing overheadTotal manufacturing costs added toproductionTotal manufacturing costs to accountforLess: Ending work in processinventoryCost of goods manufactured10,50087,000225,000312,000312,00020,800K Required 1Required 2 > The following data from the just completed year are taken from the accounting records of Mason Company:SalesDirect labor costRaw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work in$659,000$ 87,000$133,000$103,000$ 43,000$225,000processActual manufacturing overhead costs$202,000InventoriesRaw materials $ 8,500 $10,500Work inBeginning Ending$ 5,600 $20,800processFinished goods $73,000 $25,400Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were directmaterials.2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead isclosed to Cost of Goods Sold.3. Prepare an income statement.Complete this question by entering your answers in the tabs below.Required Required Required13Prepare a schedule of cost of goods sold. Assume that the company's underapplied oroverapplied overhead is dosed to Cost of Goods Sold.Mason CompanySchedule of Cost of Goods SoldBeginning finished goods inventoryAdd: Cost of goods manufacturedCost of goods available for saleLess: Ending finished goods inventoryUnadjusted cost of goods soldAdd: Underapplied overheadAdjusted cost of goods sold$ 73,00025,400< Required 1Required 3 >

The cost of goods sold (COGS) schedule indicates the total cost incurred by the corporation in…

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 $659,000 $ 87,000 $133,000 $103,000 $ 43,000 $225,000 $202,000 Inventories Raw materials $ 8,500 $10,500 Work in Beginning Ending $ 5,600 $20,800 process Finished goods $73,000 $25,400 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.

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 $659,000 $ 87,000 $133,000 $103,000 $ 43,000 $225,000 $202,000 Inventories Raw materials $ 8,500 $10,500 Work in Beginning Ending $ 5,600 $20,800 process Finished goods $73,000 $25,400 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.

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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Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $ 12,910,000 Gross profit 5,424,800 Indirect labor 427,700 Indirect materials 187,800 Other factory overhead 845,000 Materials purchased 4,303,300 Total manufacturing costs for the period 8,220,700 Materials inventory, end of period 302,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
The following is extracted from the records of a manufacturing company for last year: £ Sales 600,000 Inventory of direct materials as of 1st of January 39,000 Purchases of direct materials 158,000 Inventory of direct materials as of 31st of December 19,000 Direct manufacturing labour 28,000 Indirect manufacturing costs 45,000 Inventory of finished goods as of 1st of January 47,000 Cost of goods manufactured 121,000 Inventory of finished goods as of 31st of December 33,000 Selling and administrative costs 119,000 What is the company’s operating income? a. £177,000 b. None of the above c. £346,000 d. £95,000
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The following data from the just completed year are taken from the accounting records of Mason Company: $ 653,000 $ 88,000 $ 130,000 $ 100,000 $ 40,000 $ 225,000 $ 202,000 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 $ 8,900 $ 5,500 $ 73,000 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. Complete this question by entering your answers in the tabs below. Ending $ 10,600 $ 20,100 $ 25,800 Required 1 Required 2 Required 3 Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct…
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,740 Direct labor $ 58,800 Manufacturing overhead applied to work in process $ 87,200 Underapplied overhead $ 4,180 Inventories Beginning Ending Raw materials $ 10,700 $ 19,500 Work in process $ 55,900 $ 65,700 Finished goods $ 34,600 $ 44,000 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 352,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 50,000 $ 35,000 Work in process ? $ 28,000 Finished goods $ 32,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $32,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 140,000 Purchases of raw materials $ 290,000 Direct labor ? Administrative expenses $ 100,000 Manufacturing overhead applied to work in process $ 285,000 Actual manufacturing overhead cost $ 270,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 40,000 $ 10,000 Work in process ? $ 35,000 Finished goods $ 50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
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