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 Inventories Raw materials Work in procent Finished goods Required: Ending Beginning $ 8,400 $5,800 $ 10.400 $ 20, 100 $ 79,000 $ 25, 200 $ 651,000 $ 82.000 $140,000 $ 102.000 $ 48,000 $ 227,000 $202,000 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 underappled or overapplied overhead is closed to Cost of Goods Sold 3. Prepare an income statement. Required 1 Required 2 Required 3 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: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for 0 0 Direct materials: Mason Company Schedule of Cost of Goods Manufactured Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required 1 Required 2 > 0 Chec Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Ending raw materials inventory Ending work in process inventory Manufacturing overhead cost Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured 0 0 Direct materials: Beginning raw materials inventory Direct labor Ending raw materials inventory Indirect labor Manufacturing overhead Purchases of raw materials Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required 1 Required 2 > 0 0 Direct materials: Ending raw materials inventory Indirect labor Manufacturing overhead Purchases of raw materials Utilities, factory Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured www Hout 0 0 Direct materials: Ending raw materials inventory Indirect labor Manufacturing overhead Purchases of raw materials Utilities, factory Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured www Hout 0 0 Total raw materials available Direct materials used in production Accounts payable Accounts receivable Accumulated depreciation Administrative expense Cash Required f Required 2 > < Prev 4 of 6 Next > 0 0 Total raw materials available Direct materials used in production Accounts payable Accounts receivable Accumulated depreciation Administrative expense Cash Required f Required 2 > < Prev 4 of 6 Next > 0 0 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 Beginning finished goods inventory Beginning raw materials inventory Beginning work in process inventory Ending finished goods inventory Ending raw materials inventory Required 1 Required 3 > Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is clos Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold Add: Cost of goods manufactured Add: Ending finished goods inventory Add: Overapplied overhead Add: Underapplied overhead Less: Cost of goods manufactured equired 1 Required 3 > Less: Endina finished goods inventory Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses: 0 0 $ 0 < Required 2 Required 3> Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses: 0 0 $ 0 < Required 2 Required 3> k 1 t Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Accounts payable Accounts receivable Accumulated depreciation. Administrative expense Cash Cost of goods sold 0 0 $ 0 Required 3> < Required 2 k 1 t Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Accounts payable Accounts receivable Accumulated depreciation. Administrative expense Cash Cost of goods sold 0 0 $ 0 Required 3> < Required 2 Required 1 Required 2 Required 31 Prepare an income statement. Mason Company Income Statement Depreciation expense Direct labor Finished goods Manufacturing overhead Raw materials Sales 0 0 $ 0 < Required 2 Required 3> ok nt ant Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Raw materials Sales Selling expenses Wages payable Work in process 0 0 $ 0 < Required 2 Required 3>