Question
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 657,000 Direct labor cost $ 86,000
The following data from the just completed year are taken from the accounting records of Mason Company:
| Sales | $ 657,000 |
|---|---|
| Direct labor cost | $ 86,000 |
| Raw material purchases | $ 133,000 |
| Selling expenses | $ 107,000 |
| Administrative expenses | $ 44,000 |
| Manufacturing overhead applied to work in process | $ 226,000 |
| Actual manufacturing overhead costs | $ 206,000 |
| Inventories | Beginning | Ending |
|---|---|---|
| Raw materials | $ 9,000 | $ 10,300 |
| Work in process | $ 5,500 | $ 20,600 |
| Finished goods | $ 75,000 | $ 25,100 |
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.
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Cloud Security Auditing
Authors: Suryadipta Majumdar, Taous Madi, Yushun Wang, Azadeh Tabiban, Momen Oqaily, Amir Alimohammadifar, Yosr Jarraya, Makan Pourzandi, Lingyu Wang, Mourad Debbabi
1st Edition
3030231305, 978-3030231309
