Question
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 651,000 Direct labor cost $ 84,000
The following data from the just completed year are taken from the accounting records of Mason Company:
Sales | $ | 651,000 |
Direct labor cost | $ | 84,000 |
Raw material purchases | $ | 136,000 |
Selling expenses | $ | 103,000 |
Administrative expenses | $ | 46,000 |
Manufacturing overhead applied to work in process | $ | 205,000 |
Actual manufacturing overhead costs | $ | 222,000 |
Inventories | Beginning | Ending | ||
Raw materials | $ | 8,700 | $ | 10,400 |
Work in process | $ | 5,200 | $ | 20,200 |
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.
- Required 1
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
|
Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
|
Prepare an income statement.
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