Mason Company provided the following data for this year:Sales$ 656,000Direct labor cost$ 83,000Raw material purchases$...
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Mason Company provided the following data for this year:Sales$ Direct labor cost$ Raw material purchases$ Selling expenses$ Administrative expenses$ Manufacturing overhead applied to work in process$ Actual manufacturing overhead costs$ InventoriesBeginningEndingRaw materials$ $ Work in process$ $ Finished goods$ $ Required: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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.Prepare an income statement. 
Mason Company provided the following data for this year:Sales$ Direct labor cost$ Raw material purchases$ Selling expenses$ Administrative expenses$ Manufacturing overhead applied to work in process$ Actual manufacturing overhead costs$ InventoriesBeginningEndingRaw materials$ $ Work in process$ $ Finished goods$ $ Required: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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.Prepare an income statement.
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