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 $652,000 $ 83,000 $ 130,000 $ 109,000 S49,000 $ 222,000 $ 209,000 Inventories Raw materials work in process Finished goods Beginning Ending $ 8,500 11,000 $ 5,500 20,700 571,000 $ 26,000 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 undeopplied or overapplied overhead is closed to cost of Goods Sold 3. Prepare an income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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 Duect materials Total raw materials available Direct materials used in production 0 Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured 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 $ 652,800 $ 83,000 $ 130,000 $ 108,000 $ 49,000 $ 222,000 $ 209,000 Inventories Raw materials work in process Finished goods Beginning $ 8,800 $ 5,500 $ 71,000 Ending $ 11,000 $ 20,700 $ 26, eee 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 underappiled or overapplied overhead is closed to cost of Goods Sold 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. 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 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 $ 652,000 $ 83,000 $ 130,eee $ 108,000 $49,000 $ 222,000 $ 209,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,500 $5,500 $ 71,000 Ending $ 11,eee $ 20,700 $ 26,000 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement Mason Company Income Statement Selling and administrative expenses 0 $ 0
