QUICK WILL UPVOTE

The following data from the just completed year are taken from the accounting records of Mason Company Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 657,000 $ 84,000 $ 135,000 $ 106,000 $ 44,000 $ 223,000 $ 203,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,300 $ 5,700 $ 77,000 Ending $ 10,800 $ 20,500 $ 25,200 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost goods manufactured. Assume all raw materials used in production were Mason Company Schedule of Cost of Goods Manufactured S Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead 8,300 135.000 143,300 10,800 $ 132,500 84,000 223,000 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 439,500 439,500 20.500 Required 2 > Required Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied of Goods Sold. 77,000 Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 25,200 Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Sales 0 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expense 0 Net operating income $ 0