The following data from the just completed year are taken from the accounting records of Mason Company: $ 660,000 $ 87,000 $ 131,000 $ 102,000 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 Ending $8,800 $10,300 $ 20,200 $25,400 $5,200 $ 73,000 $ 44,000 $ 222,000 $ 204,000 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Complete this question by entering your answers in the tabs below..
Required 1 Required 2
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
Direct materials:
Total raw materials available
Mason Company
Schedule of Cost of Goods Manufactured
Required 3
Direct materials used in production
Total manufacturing costs added to production
Total manufacturing costs to account for
Cost of goods manufactured
Required 1
Complete this question by entering your answers in the tabs below.
Required 2
Required 3
Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead
of Goods Sold.
Mason Company
Schedule of Cost of Goods Sold
Required 1 Required 2
Prepare an income statement.
Required 3
Complete this question by entering your answers in the tabs below.
Mason Company
Income Statement
Required 2 >
< Required 1
Selling and administrative expenses:
< Required 2
Required 3 >
closed to Cost
Transcribed Image Text:Complete this question by entering your answers in the tabs below.. Required 1 Required 2 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direct materials: Total raw materials available Mason Company Schedule of Cost of Goods Manufactured Required 3 Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required 1 Complete this question by entering your answers in the tabs below. Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead of Goods Sold. Mason Company Schedule of Cost of Goods Sold Required 1 Required 2 Prepare an income statement. Required 3 Complete this question by entering your answers in the tabs below. Mason Company Income Statement Required 2 > < Required 1 Selling and administrative expenses: < Required 2 Required 3 > closed to Cost
The following data from the just completed year are taken from the accounting records of Mason Company:
$ 660,000
$ 87,000
$ 131,000
$ 102,000
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 Ending
$8,800 $10,300
$ 20,200
$25,400
$5,200
$ 73,000
$ 44,000
$ 222,000
$ 204,000
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.
Required 1 Required 2
Required 3
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
Transcribed Image Text:The following data from the just completed year are taken from the accounting records of Mason Company: $ 660,000 $ 87,000 $ 131,000 $ 102,000 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 Ending $8,800 $10,300 $ 20,200 $25,400 $5,200 $ 73,000 $ 44,000 $ 222,000 $ 204,000 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
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