Chapter 3, Problem 6E

EXERCISE 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3
The following data from the just completed year are taken from the accounting records of Mason Company:

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.