MANAGERIAL ACCOUNTING-W/ACCESS >C<
MANAGERIAL ACCOUNTING-W/ACCESS >C<
22nd Edition
ISBN: 9781307839302
Author: Garrison
Publisher: MCG/CREATE
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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:

Chapter 3, Problem 6E, EXERCISE 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3

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.

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The following data were selected from the records of Fluwars Company for the year ended December 31, current year:   Balances at January 1, current year:     Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts   11,200     The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.   The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…
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