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I need help with this question please Exercise 2-11 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6] The following
I need help with this question please
Exercise 2-11 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6] The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 655,000 Direct labor cost $ 88,000 Raw material purchases $ 137,000 Selling expenses $ 106,000 Administrative expenses $ 41,000 Manufacturing overhead applied to work in process $ 202,000 Actual manufacturing overhead costs $ 224,000 Inventories Beginning of Year End of Year Raw materials $ 8,200 $ 10,300 Work in process $ 5,200 $ 20,400 Finished goods $ 70,000 $ 25,200 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.
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