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Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to
Mason Company provided the following data for this year: 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 Ending Beginning $ 8,200 $ 10,700 Work in process $ 5,600 $ 20,700 Finished goods $ 78,000 $ 25,500 $ 655,000 $ 82,000 $ 138,000 $ 107,000 $ 44,000 $ 229,000 $ 202,000 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
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