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The following data from the just completed year are taken from the accounting records of...

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Accounting

The following data from the just completed year are taken from the accounting records of Mason Company:

Sales $ 660,000
Direct labor cost $ 82,000
Raw material purchases $ 135,000
Selling expenses $ 106,000
Administrative expenses $ 44,000
Manufacturing overhead applied to work in process $ 227,000
Actual manufacturing overhead costs $ 208,000

Inventories Beginning Ending
Raw materials $ 8,500 $ 10,300
Work in process $ 5,900 $ 20,500
Finished goods $ 73,000 $ 25,200

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 Goods Sold.

3. Prepare an income statement.

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rrepare a scneaule or cost or gooas manuractured. Assume all raw materas usea in proauction were arect materals. Mason Company schedule of Cost of Goods Manufactured Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement

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