This window shows your responses and what was marked correct and incorrect from you 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 $ 85,000 $ 135,000 $ 101,000 $ 44,000 $ 209,000 $ 225,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,900 $ 5,600 $ 76,000 Ending $ 10,200 $ 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 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 under applied or over applied 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 Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold 76,000 413,100 489,100 25,200 463,900 0 % 463,900 PADOMOO 10 IN w w ow shows your responses and what was marked correct and incorrect from 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 $ 552.000 $ 85,000 $ 135,090 $ 101,888 $ 44,000 $ 209,000 $225,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,900 $ 5,600 $ 76,000 Ending $ 10,200 $ 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 Cost 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. 652,000 O Mason Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses 101,000 Administrative expense 44,000 Net operating income 652.000 145,000 507.000
