The following data from the just completed year are taken from the accounting records of Mason...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 Inventories Raw materials Work in process Finished goods $ 655,000 $ 83,000 $ 133,000 $ 110,000 $ 46,000 $ 209,000 $ 230,000 End of Beginning of Year Year $ 8,400 10,500 $ 5,200 $ 20,100 $ 75,000 $ 25,700 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Less: Ending raw materials inventory Raw materials available for use Less: Beginning work in process inventory Raw materials used in production Beginning raw materials inventory Direct labor Total manufacturing costs Add: Ending work in process inventory Add: Ending work in process inventory Cost of goods manufactured $ 655,000 10,500 665,500 $ $ 665,500 665,500 665,500 665,500 2. Prepare a schedule of cost of goods sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Goods available for sale Less: Cost of goods manufactured Unadjusted cost of goods sold Add: Overapplied overhead Adjusted cost of goods sold 3. Prepare an income statement. Mason Company Income Statement Beginning merchandise inventory Direct materials Gross loss Selling and administrative expenses: Commissions Advertising Cost of goods sold Net operating income $ $ 75,000 1,160,000 1,235,000 1,235,000 1,235,000 $ 0 0 0 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 Inventories Raw materials Work in process Finished goods $ 655,000 $ 83,000 $ 133,000 $ 110,000 $ 46,000 $ 209,000 $ 230,000 End of Beginning of Year Year $ 8,400 10,500 $ 5,200 $ 20,100 $ 75,000 $ 25,700 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Less: Ending raw materials inventory Raw materials available for use Less: Beginning work in process inventory Raw materials used in production Beginning raw materials inventory Direct labor Total manufacturing costs Add: Ending work in process inventory Add: Ending work in process inventory Cost of goods manufactured $ 655,000 10,500 665,500 $ $ 665,500 665,500 665,500 665,500 2. Prepare a schedule of cost of goods sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Goods available for sale Less: Cost of goods manufactured Unadjusted cost of goods sold Add: Overapplied overhead Adjusted cost of goods sold 3. Prepare an income statement. Mason Company Income Statement Beginning merchandise inventory Direct materials Gross loss Selling and administrative expenses: Commissions Advertising Cost of goods sold Net operating income $ $ 75,000 1,160,000 1,235,000 1,235,000 1,235,000 $ 0 0 0
Expert Answer:
Answer rating: 100% (QA)
Answer Answer 1 Schedule of cost of goods manufactured Direct materials Raw materials inventory begi... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0078111006
14th edition
Authors: Ray Garrison, Eric Noreen and Peter Brewer
Posted Date:
Students also viewed these accounting questions
-
The following data from the just completed year are taken from the accounting records of Eccles Company: Sales...................... $643,000 Direct labor cost................... $90,000 Raw material...
-
The following data from the just completed year are taken from the accounting records of Mason Company: Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in...
-
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 654,000 Direct labor cost $ 80,000 Raw material purchases $ 139,000 Selling expenses $...
-
Suppose, in the New Monetarist model, that there is deficient financial liquidity. If the fiscal authority were to engineer a tax cut, financed by an increase in the quantity of government debt, with...
-
Why should an effective whistle-blower mechanism be considered a failsafe mechanism in SOX Section 404 compliance programs?
-
(a) Aparticle of spin 1 and a particle of spin 2 are at rest in a configuration such that the total spin is 3, and its z component is . If you measured the z-component of the angular momentum of the...
-
What do you think is the single largest problem facing the world today? What contributions can anthropology make to understanding and solving this problem? As this chapter has shown, cultures and...
-
The trial balances shown below are before and after adjustment for Bere Company at the end of its fiscal year. Instructions Prepare the adjusting entries that weremade. BERE COMPANY Trial Balance...
-
Let A = 3 Find B = sin(A) Find C = A Find D=C2 Find ECC Find F = C.*C % Your script goes here.
-
There are only two risky assets (stocks) A and B in the market. Mean 20% B 10% The returns on the two assets have zero correlation. A Standard Deviation 10% 5% A. Assume that there is no risk-free...
-
I will be working on Deere & Co otherwise known as John Deere. It has to be a convincing argument on how to sell a strategic alternative. I have to be convincing and provide an overall argument for...
-
You should consult the slide below from lectures where we covered an example trace of standard DFS on the UCD route finding problem. Initial Queue CG Loop 1 Queue Loop 2 Queue Loop 3 Queue Loop 4...
-
nd Prove that for all n N, n+ 1 A="#4 2 1 < [] Where was this used in the proof of Lemma about the binary search? n 2 2 < n 2
-
Problem 3 : Controllability Gramian (a) Consider the following state equation: -0.5 0 x = - [ 85 9] = + [8]. x U 0 x(0) = [0:1] (i) (2 points) Show that there exists an input u(t) that drives x(0) to...
-
COPE D Quizzes Modules H9 H A 1 Home 2 Suits 3 Bunglow 4 Condo A 5 Apartments C6 Town Home 7 Home 1 8 Home 2 9 Home 3 10 Home 4 11 Home 5 12 Home 6 13 Home 7 Please complete the following tasks: 1....
-
12. (0 points) Design a 4-bit arithmetic combinational circuit that performs the following operations: Control Inputs M Mo 0 0 0 1 1 1 0 1 if(A/4 = = 0) then S = A + B; else S = A - B if(A
-
9. Assume a direct mapped cache, with four lines and the tag values for each lines are as below: Line 00 01 10 11 Tag 00110 00001 00000 Invalid The tag, line, and word field contains: 5, 2, and 5...
-
A 2500-lbm car moving at 15 mi/h is accelerated at a constant rate of 15 ft/s 2 up to a speed of 50 mi/h. Calculate force and total time required?
-
Refer to the data for Auto Lavage in Exercises 99 and 911. In Exercise 99, Auto Lavage is a Canadian company that owns and operates a large automatic carwash facility near Quebec. The following table...
-
Petah, Ltd., of Tel Aviv, Israel, has budgeted costs in its various departments as follows for the coming year: Factory Administration . . . . . . . . . . . . . . . 540,000 Custodial Services . . . ....
-
Arbon Company has three service departments and two operating departments. Selected data concerning the five departments are presented below: The company allocates service department costs by the...
-
Describe the process of determining a nominal interest rate.
-
What risk factors should a team consider when deciding whether to build and fund a new venue? How are the risk factors different if a municipality is funding the construction?
-
Among NCAA mens basketball teams, which team would you expect to have the highest value? Why? How do you think conference affiliation affects value among these teams?
Study smarter with the SolutionInn App