Use the following information for questions 7-8: The following data from the just completed year are...

 

  

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Use the following information for questions 7-8: The following data from the just completed year are taken from the accounting records of Mason Company. Please use the information below: Sales Direct Labor Cost Raw Materials Purchased Selling Expense Administrative Expense Manufacturing Overhead Applied to Work in Process Actual Manufacturing Overhead Cost Inventories Raw Materials Work in Process Finished Goods $524,000 $70,000 $118,000 $140,000 $63,000 $90,000 $80,000 Beginning of Year $7,000 ? $20,000 End of Year $15,000 $5,000 ? Additional information: For the year, the cost of goods manufactured totaled $275,000; the unadjusted cost of goods sold totaled $260,000. The company's overapplied or underapplied overhead is closed entirely to Cost of Goods Sold. 7. How much was the Company's Work in Process inventory balance at the beginning of the year? A. $2,000 B. $10,000 C. $15,000 D. $20,000 E. None of the above 6 8. How much was the Company's adjusted Cost of Goods Sold at the end of the year? A. $280,000 B. $240,000 C. $250,000 D. $270,000 E. None of the above Use the following information for questions 7-8: The following data from the just completed year are taken from the accounting records of Mason Company. Please use the information below: Sales Direct Labor Cost Raw Materials Purchased Selling Expense Administrative Expense Manufacturing Overhead Applied to Work in Process Actual Manufacturing Overhead Cost Inventories Raw Materials Work in Process Finished Goods $524,000 $70,000 $118,000 $140,000 $63,000 $90,000 $80,000 Beginning of Year $7,000 ? $20,000 End of Year $15,000 $5,000 ? Additional information: For the year, the cost of goods manufactured totaled $275,000; the unadjusted cost of goods sold totaled $260,000. The company's overapplied or underapplied overhead is closed entirely to Cost of Goods Sold. 7. How much was the Company's Work in Process inventory balance at the beginning of the year? A. $2,000 B. $10,000 C. $15,000 D. $20,000 E. None of the above 6 8. How much was the Company's adjusted Cost of Goods Sold at the end of the year? A. $280,000 B. $240,000 C. $250,000 D. $270,000 E. None of the above

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Requirement7 Raw Materials Beginning balance Add Raw Materials Purchased Less Raw M... View the full answer