Why the RED "X"?!

- 2 Homework Saved Check my work mode: This shows what is correct or incorrect for the work you have complet 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 $ 651,000 $ 86,00 $ 132,000 $ 196,000 $ 42,000 $ 228,000 $ 200,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,700 $ 5,300 $ 73,000 Ending $ 10,500 $ 20,900 $ 25,800 I 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 ing your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct ma Mason Company Schedule of Cost of Goods Manufactured $ 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 8,700 132,000 140,700 10,500 $ 130,200 86,000 228,000 > Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 444,200 444,200 20,900 $ 423,300 X Red Required 2 >