tun.com Set (1 of 1) Soved Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement (L03-3) 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 $ 660,000 $81,000 $ 137.000 $ 105,000 $ 44,000 $ 225,000 $ 205,000 Inventories Raw materials Work in process Finished goods Deginning SB,400 $5,400 $72,000 Ending $ 10,600 $ 20,400 $ 25,600 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 or 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 manufactured. Assume all raw materials used in production were direct material, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 Beginning work in process inventory 5,400 Direct materials: Beginning raw materials inventory $ 8,400 Add: Purchases of raw materials 137,000 Total raw materials available 145,400 Less: Ending raw materials inventory 10,600 Direct materials used in production Direct labor Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 0 5.400 Route Required 2 > SAVO OLUL 40 WIELU docum "V Set (1 of 1) Saved 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. $ 72,000 Mnson 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 Less: Overapplied overhead Adjusted cost of goods sold ces HW Set (1 of 1) Saved IPUILUIHIN Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement. K at Mason Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses 0 int rences 0 Administrative expense Net operating income 0