Please do not give solution in image format thanku Complete this question by entering your answers in the tabs below..Required 1 Required 2Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.Direct materials:Total raw materials availableMason CompanySchedule of Cost of Goods ManufacturedRequired 3Direct materials used in productionTotal manufacturing costs added to productionTotal manufacturing costs to account forCost of goods manufacturedRequired 1Complete this question by entering your answers in the tabs below.Required 2Required 3Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overheadof Goods Sold.Mason CompanySchedule of Cost of Goods SoldRequired 1 Required 2Prepare an income statement.Required 3Complete this question by entering your answers in the tabs below.Mason CompanyIncome StatementRequired 2 >< Required 1Selling and administrative expenses:< Required 2Required 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$ 102,000SalesDirect labor costRaw material purchases.Selling expensesAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costsInventoriesRaw materialsWork in processFinished goodsBeginning Ending$8,800 $10,300$ 20,200$25,400$5,200$ 73,000$ 44,000$ 222,000$ 204,000Required: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 ofGoods Sold.3. Prepare an income statement.Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 3Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

Income statement is one of the financial statements that shows profitability, total revenue and…

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.

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

Section: Chapter Questions

Problem 1Q

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