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The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 651,000 Direct labor cost $ 84,000
The following data from the just completed year are taken from the accounting records of Mason Company:
Sales | $ 651,000 |
---|---|
Direct labor cost | $ 84,000 |
Raw material purchases | $ 134,000 |
Selling expenses | $ 105,000 |
Administrative expenses | $ 49,000 |
Manufacturing overhead applied to work in process | $ 227,000 |
Actual manufacturing overhead costs | $ 207,000 |
Inventories | Beginning | Ending |
---|---|---|
Raw materials | $ 8,500 | $ 10,500 |
Work in process | $ 5,700 | $ 20,000 |
Finished goods | $ 75,000 | $ 25,700 |
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 statement.
Required 1 Required 2 Required 3 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 Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required 1 Required 2 > Required 1 Required 2. Required 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 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses:
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