COLLEGE ACG 2071 267353 MANAGERIAL ACCOUNTNG GB Connect Assigments The following data from the just completed year are taken from the accounting records of Mason Comp Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 656,000 $ 85,000 $ 134,000 $ 101,000 $ 47,000 S 202,000 $ 228,000 Inventories Raw materials Work in process Finished goods Beginning of Year $ 8,200 $ 6,000 $ 73,000 End of Year $ 10.200 $ 20,200 $ 25,200 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials Mason Company Schedule of Cost of Goods Manufactured Direct materials: Raw materials available for use 0 Raw materials used in production $ 0 Total manufacturing costs 0 0 Cost of goods manufactured $ 0 COLLEGE ACG 2071 267353 MANAGERIAL ACCOUNTNG GB Connect Assigments 2. Prepare a schedule of cost of goods sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Goods available for sale Unadjusted cost of goods sold 0 Adjusted cost of goods sold $ 0 3. Prepare an income statement Mason Company Income Statement 0 Selling and administrative expenses: 0 S References eBook & Resources Worksheet Difficulty: 1 Easy