50.1K

Verified Solution

Link Copied!

The following data from the just completed year are taken from the accounting records of Mason Company: Sales The following data from the just completed year are taken from the accounting records of Mason Company: $ 653,000 Direct labor cost $ 84,080 Raw material purchases $ 135,000 Sales $ 653, 000 Selling expenses $ 110,006 Direct labor cost $ 84, 090 Administrative expenses $ 48,000 Raw material purchases Manufacturing overhead applied to work in process $ 135,000 $ 224,000 Actual manufacturing overhead costs $ 203.090 Selling expenses $ 110, 060 Administrative expenses $ 48, 080 Inventories Beginning Ending Manufacturing overhead applied to work in process $ 224, 000 Raw materials $ 8,600 $ 10,400 Actual manufacturing overhead costs $ 203.090 Work in process $ 5,900 $ 20,080 Finished goods $ 77, 090 $ 25, 400 Inventories Beginning Ending Required: Raw materials $ 8,609 $ 10,409 Work in process $ 5,900 $ 20,909 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Finished goods $ 77,980 $ 25,409 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. 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 Complete this question by entering your answers in the tabs below. Goods Sold. 3. Prepare an income statement. Required 1 Required 2 Required 3 Complete this question by entering your answers in the tabs below. 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 Required 1 Required 2 Required 3 Direct materials 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 Total raw materials available Schedule of Cost of Goods Sold Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required 2

Answer & Explanation Solved by verified expert

See Answer