i know some of this is wrong, please help
Primare Corporate work Assignment #6 Saved Help 3 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 $ 657,000 $ 83,000 $ 132,000 $ 100,000 $ 41,000 $ 223,000 $ 201,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,200 $ 6,000 $ 75,000 Ending $ 10,600 $ 20,600 $ 25,500 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 Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 B Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct mate $ 6,000 ok Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory $ 8,200 Add: Purchases of raw materials 132,000 Total raw materials available 140,200 Less: Ending raw materials inventory 10,600 Direct materials used in production $ Direct labor Manufacturing overhead 129,600 83,000 223,000 435,600 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 441,600 (20,600) $ 421,000 es Complete this question by entering your answers in the tabs below. S Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or over of Goods Sold. Book Hint $ Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Overapplied overhead Adjusted cost of goods sold Ask 75,000 421,000 496,000 25,500 521,500 (22,000)| 499,500 Print $ rences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement. ok Mason Company Income Statement mt Sales $ 657,000 499,500 157,500 k Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expense 100,000 41,000 nt 141,000 16,500 3 Net operating income $ ences Required 2 Required 3 >
