Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases...

 
 
 

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Mason Company provided the following data for this year: 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 $ 8,200 $ 5,600 $ 73,000 Ending $ 10,500 $ 20,500 $ 25,400 $ 654,000 $ 88,000 $ 137,000 $ 108,000 $ 45,000 $ 230,000 $ 207,000 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured 0 0 Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold Prepare a schedule of cost of goods sold. Assume the company's Goods Sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Beginning raw materials inventory Beginning work in process inventory Ending finished goods inventory Required 1 Mason Company provided the following data for this year: 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 $ 8,200 $ 5,600 $ 73,000 Ending $ 10,500 $ 20,500 $ 25,400 $ 654,000 $ 88,000 $ 137,000 $ 108,000 $ 45,000 $ 230,000 $ 207,000 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured 0 0 Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold Prepare a schedule of cost of goods sold. Assume the company's Goods Sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Beginning raw materials inventory Beginning work in process inventory Ending finished goods inventory Required 1

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Income Statement It is one of the financial statements that shows the profitability total revenue an... View the full answer