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please complete all parts of the question completely. The following data from the just completed year are taken from the accounting records of Mason Company:
please complete all parts of the question completely.
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $655,000 $ 89,000 $133,000 $107,000 $ 43,000 Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in $206,000 process Actual manuf actur ing overhead costs $225,000 Beginning Ending 8,400 $10,500 Inventories Raw materials Work in $ 5,100 $20,100 process Finished goods $73,000 $25,700 Required: 1. Prepare a sched ule 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 below. Required Required Required 3 1 2 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Direct materials Total raw materials available Raw materials used in production Total manufacturing costs 0 Cost of goods manufactured Required 2 Required 1 Required Required Required 1 2 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold Required 3Step by Step Solution
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