The following data for the newly completed year are taken from Mason Company 's accounting records Sales $ 658 000 direct labor cost $ 87 000 Raw material purchases $ 133 000 selling expenses $ 106 000 administrative expenses $ 41 000 Manufacturing overhead applied to work in the process $ 205 000 ...

The following data for the newly completed year are taken from Mason Company's accounting records: Sales $

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The following data for the newly completed year are taken from Mason Company's accounting records:


Sales	$	658.000
direct labor cost	$	87.000
Raw material purchases	$	133.000
selling expenses	$	106.000
administrative expenses	$	41.000
Manufacturing overhead applied to work in the process	$	205.000
Actual production overheads	$	228.000

stocks	starting year		End of Year
raw materials	$	8.200	$	10.100
Working in the process	$	6.000	$	20.700
Finished goods	$	79.000	$	25.500

Necessary:

1.	Prepare the cost sheet of manufactured goods. Suppose all raw materials used in production are direct materials.

2.	Prepare a chart of cost of goods sold.

3.	Prepare an income statement.

Related Book For answer-question

Managerial Accounting

ISBN: 978-0077522940

15th edition

Authors: Ray Garrison, Eric Noreen, Peter Brewer

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Posted Date: Mar 24, 2023 03:26 AM

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The following data for the newly completed year are taken from Mason Company's accounting records: Sales $

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