Question
#3: The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 654,000 Direct labor cost $
#3: The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 654,000 Direct labor cost $ 82,000 Raw material purchases $ 133,000 Selling expenses $ 104,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 204,000 Actual manufacturing overhead costs $ 227,000 ________________________________________ Inventories Beginning of Year End of Year Raw materials $ 8,400 $ 10,100 Work in process $ 6,000 $ 20,000 Finished goods $ 78,000 $ 25,100 ________________________________________ 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 income statement.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started