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please help with all the required (1,2,3) parts!! 19 Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement
please help with all the required (1,2,3) parts!!
19 Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3) 02 points The following data from the just completed year are taken from the accounting records of Mason Company: Book Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $524,000 $ 70,000 $118,000 $140,000 $ 63,000 $ 90,000 $ 80,000 Print References Inventories Raw materials Work in process Finished goods Beginning Ending $ 7,000 $15,000 $ 10.000 5,000 $ 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. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold 3. Prepare an income statementStep by Step Solution
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