Question
Mason Company provided the following data for this year: Sales $ 659,000 Direct labor cost $ 88,000 Raw material purchases $ 137,000 Selling expenses $
Mason Company provided the following data for this year: Sales $ 659,000 Direct labor cost $ 88,000 Raw material purchases $ 137,000 Selling expenses $ 104,000 Administrative expenses $ 46,000 Manufacturing overhead applied to work in process $ 221,000 Actual manufacturing overhead costs $ 209,000 Inventories Beginning Ending Raw materials $ 8,200 $ 10,800 Work in process $ 5,700 $ 20,800 Finished goods $ 79,000 $ 25,600 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
Prepare a schedule of cost of goods sold.
Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
Prepare an income statement.
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