The following data from the just completed year are taken from the accounting records of Mason Company:
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Question:
The following data from the just completed year are taken from the accounting records of Mason Company:
Sales | $ 658,000 |
---|---|
Direct labor cost | $ 87,000 |
Raw material purchases | $ 134,000 |
Selling expenses | $ 104,000 |
Administrative expenses | $ 42,000 |
Manufacturing overhead applied to work in process | $ 224,000 |
Actual manufacturing overhead costs | $ 200,000 |
Inventories | Beginning | Ending |
---|---|---|
Raw materials | $ 8,900 | $ 10,300 |
Work in process | $ 5,700 | $ 20,100 |
Finished goods | $ 73,000 | $ 25,400 |
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
Related Book For
Managerial Accounting
ISBN: 978-0077522940
15th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
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