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I need help with finding the underapplied overhead for requirement #2... If someone can fill it out again and also do requirement #3, that would
I need help with finding the underapplied overhead for requirement #2... If someone can fill it out again and also do requirement #3, that would be great. Thanks!
Exercise 3-6 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 651,000 $ 90,000 131,000 $ 105, 000 $ 49,000 201,000 226,000 Inventories Raw materials Work in process Finished goods Beginning Ending $8,800 $ 10,800 $5,100 20,700 $77,000 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 of Goods Sold 3. Prepare an income statement. Complete this question by entering your answers in the tabs belowStep by Step Solution
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