Question
need help with this question Exercise 3-11 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-6] The following data from
need help with this question Exercise 3-11 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-6] The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 524,000 Direct labor cost $ 70,000 Raw material purchases $ 118,000 Selling expenses $ 140,000 Administrative expenses $ 63,000 Manufacturing overhead applied to work in process $ 90,000 Actual manufacturing overhead costs $ 80,000 Inventories Beginning of Year End of Year Raw materials $ 7,000 $ 15,000 Work in process $ 10,000 $ 5,000 Finished goods $ 20,000 $ 35,000 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. 3. Prepare an income statement.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started