14 Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold: Income Statement (LO3-3) 17 points The following data from the just completed year are taken from the accounting records of Mason Company e took Halen Direct labor cost Raw material purchase selling expenses Administrative expenses Manufacturing overhead applied to work in proces Actual manufacturing overhead coats $ 650,000 $10.000 $ 131,000 $ 105,000 $ 40,000 $.221.000 $ 205,000 Hint References Inventories Raw materials Work in process Finished goods Begioning $ 8,700 $ 5,600 5 79.000 Ending $ 10,700 $ 20,00 $ 25,800 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 14 Raw materiala Work in process Finished goods 5 3.700 $ 5,600 579,000 # 10, 700 5 20.800 5 25,800 17 paints 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 elek Complete this question by entering your answers in the tabs below. Hint Required: Required 2 Required 3 References Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and cost of Goods Sold; Income Statement [LO3-3) 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 $ 658,000 $ 80,000 $ 137,000 $ 105,000 $ 48,000 $ 221,000 $ 206,000 Inventories Raw materials Work in process Finished goods Beginning $ 3.700 $ 5,600 $ 79,000 Ending $ 10,700 $ 20,800 $ 25,800 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold Mason Company Schedule of Cost of Goods Sold 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold (Required 1 Required 3 >