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The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 655,000 $ 89,000 $ 133,000 $ 107,000 $ 49,000 $ 226,000 $ 202,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,100 $ 74,000 Ending $ 10,700 $ 20,700 $ 25, 200 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 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 $ Beginning finished goods inventory Add: Cost of goods manufactured 74,000 430,100 Less: Ending finished goods inventory 25,200 Less: Overapplied overhead Adjusted cost of goods sold
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