{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-21T23:09:42-04:00", "answer_date": "2024-05-21 23:09:42", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1479491", "url": "\/study-help\/questions\/the-following-data-from-the-just-completed-year-are-taken-1479491", "question_creation_date_js": "2024-05-21T23:09:42-04:00", "question_creation_date": "May 21, 2024 11:09 PM", "meta_title": "[Solved] The following data from the just complete | SolutionInn", "meta_description": "Answer of - The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct l | SolutionInn", "meta_keywords": "data,completed,year,accounting,records,mason,company,sales,direct,labor,cost,raw", "question_title_h1": " The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases", "question_title": " The following data from the just completed year are taken from", "question_title_for_js_snippet": "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 Inventories Raw materials Work in process Finished goods Required Ending Beginning $ 8,600 $ 10,500 $ 5,100 $ 20,700 $ 71,000 $ 25,600 $ 656,000 $ 85,000 $ 131,000 $ 105,000 $ 47,000 $ 224,000 $ 205,000 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 ", "question_description": "\"image", "transcribed_text": "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 Inventories Raw materials Work in process Finished goods Required: Ending Beginning $ 8,600 $ 10,500 $ 5,100 $ 20,700 $ 71,000 $ 25,600 $ 656,000 $ 85,000 $ 131,000 $ 105,000 $ 47,000 $ 224,000 $ 205,000 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.", "related_book": { "title": "Intermediate Accounting", "isbn": "978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290", "edition": "15th edition", "authors": "Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/253.jpg", "uri": "\/textbooks\/intermediate-accounting-15th-edition-253", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CGL4GT21", "uri": "\/textbooks\/dinosaur-adventure-explore-the-prehistoric-world-with-jett-and-his-dinosaur-friends-1st-edition-979-8395875969-243164", "name": "Dinosaur Adventure Explore The Prehistoric World With Jett And His Dinosaur Friends", "edition": "1st Edition" }, "question_posted": "2024-05-21 23:09:42", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/mien-co-is-budgeting-sales-of-53000-units-of-product-459777", "description": "Mien Co. is budgeting sales of 53,000 units of product Nous for October and 60,000 units of product Nous for November. 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