MODULE 3 - CHAPTER 2

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value: 15.00 points

Exercise 2-11 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6]

The following data from the just completed year are taken from the accounting records of Mason Company:

Sales	$	653,000
Direct labor cost	$	89,000
Raw material purchases	$	136,000
Selling expenses	$	102,000
Administrative expenses	$	47,000
Manufacturing overhead applied to work in process	$	210,000
Actual manufacturing overhead costs	$	229,000

Inventories	Beginning of Year		End of Year
Raw materials	$	8,400	$	10,600
Work in process	$	5,300	$	20,000
Finished goods	$	71,000	$	25,900

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.