Question: hey need help with this question he following data from the just completed year are taken from the accounting records of Mason Company: Sales $
hey need help with this question
| he following data from the just completed year are taken from the accounting records of Mason Company: |
| Sales | $ | 660,000 |
| Direct labor cost | $ | 81,000 |
| Raw material purchases | $ | 136,000 |
| Selling expenses | $ | 102,000 |
| Administrative expenses | $ | 49,000 |
| Manufacturing overhead applied to work in process | $ | 201,000 |
| Actual manufacturing overhead costs | $ | 221,000 |
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| Inventories | Beginning of Year | End of Year | ||
| Raw materials | $ | 8,600 | $ | 10,700 |
| Work in process | $ | 5,600 | $ | 20,800 |
| Finished goods | $ | 76,000 | $ | 25,600 |
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| 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. |
| 3. | Prepare an income statement. |
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