Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. he following cost and inventory data are taken fro

he following cost and inventory data are taken from the accounting records of Mason Company...

70.2K

Verified Solution

Question

Accounting

he following cost and inventory data are taken from the accounting records of Mason Company for the year just completed:

Costs incurred:
Direct labor cost $ 83,000
Purchases of raw materials $ 131,000
Manufacturing overhead $ 210,000
Advertising expense $ 46,000
Sales salaries $ 105,000
Depreciation, office equipment $ 228,000

Beginning of the Year End of the Year
Inventories:
Raw materials $ 8,500 $ 10,500
Work in process $ 5,100 $ 21,000
Finished goods $ 73,000 $ 25,700

Required:
1.

Prepare a schedule of cost of goods manufactured.

image

MASON COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials available for use 0 Raw materials used in production $ 0 Total manufacturing costs 0 0 TIT Cost of goods manufactured $ 0 2. Prepare the cost of goods sold section of Mason Company's income statement for the year. MASON COMPANY Schedule of Cost of Goods Sold Beginning finished goods inventory Goods available for sale Cost of goods sold

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students