The following data from the just completed year are taken from the accounting records of Mason Company:
Question:
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.
3. Prepare an incomestatement.
Transcribed Image Text:
Sales Direct labor cost Raw material purchases Selling expenses. $524,000 $70,000 $118,000 .. Manufacturing overhead applied to work in process........ Actual manufacturing overhead costs $63,000 $90,000 $80,000 . Beginning of Year Inventories End of Year aterials. Work in process Finished goods $7,000 $10,000 $20,000 $15,000 $5,000 $35,000
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1 Mason Companys schedule of cost of goods manufactured is as follows Direct materials Beginning raw ...View the full answer
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Related Book For
Managerial Accounting
ISBN: 978-0077522940
15th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
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