What is the correct answer & solution ?
The following data from the just completed year are taken from the accounting records of Mason Company 2. points Sales Direct labor cont daw material purchase selling expenses Administrative expenses Manufacturing overhead applied to work in procese Actual manufacturing overhead coata $ 651,000 $ 89,000 114,000 $ 109,000 $ 44,000 $ 229,000 #207,000 Investore Raw materials Work in process Tinted goods Then 0,400 $ 5,600 74,000 Indeling $ 10,400 $ 20,300 $ 21,200 Required: 1. Prepare a schedule of cost of goods manufactured. Assume allraw 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 19 Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2 points . $ 5,800 Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory 8,500 Add: Purchases of raw materials 135,000 Total raw materials available 139,500 Lesa: Ending raw materials inventory 10.300 Direct materials used in production $132.700 Direct labor 88,000 Manufacturing overhead 205,000 OO Total manufacturing costs added to production Total manufacturing costs to account for Loss Ending work in process inventory Cost of goods manufactured 425,700 431.300 20.500 $ 410,600 Required 2 > 19 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 2 points 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 tohedule of Cost of Good Gold Beginning finished goods inventory S 74,000 Add Cost of goods manufactured 410,000 Cost of goods available for sale 434,000 Less Ending finished goods Inventory 25,200 Unadjusted cost of goods sold 459,400 Ada: Underapplied overhead 3 16,000 Adjusted cost of goods sold 5475.400 Required 1 Required 3 > 19 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 2 points Required: Required 2 Required 3 Prepare an income statement Mason Company Income Statement Solen Cost of goods sold Orosmarin Seling and administrive expert Seling op Administrative pene OOO 661,000 478,400 175,000 105,000 13,000 O Net operating income 148.000 27,000 $
