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

Transcribed Image Text:

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 Required: Beginning Ending $ 8,500 $ 10,500 $ 5,800 $ 20,700 $ 72,000 $ 25,700 $ 653,000 $ 88,000 $ 132,000 $ 108,000 $ 47,000 $ 220,000 $ 201,000 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. 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. 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 Required: Beginning Ending $ 8,500 $ 10,500 $ 5,800 $ 20,700 $ 72,000 $ 25,700 $ 653,000 $ 88,000 $ 132,000 $ 108,000 $ 47,000 $ 220,000 $ 201,000 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. 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.

Answer rating: 100% (QA)

Cost of Goods Manufactured Raw Materials 132000 Direct Labor 88000 Manufactur... View the full answer