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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 $ 657,000 $ 83,000 $ 135,000 $ 101,000 $ 48,000 $ 228,000 $ 201,000 Inventories Raw materials Work in process Finished goods Beginning $ 3,800 $ 5,300 $ 73,880 Ending $ 18,500 $ 20,200 $ 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 Goods Sold 3. Prepare an income statement
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