Mason Company provided the following data for this year: Sales $ 656,000 Direct labor cost $ 81,000 Raw material purchases $ 130,000 Selling expenses $ 105,000 Administrative expenses $ 47,000 Manufacturing overhead applied to work in process $ 228,000 Actual manufacturing overhead costs $ 205,000 Inventories Beginning Ending Raw materials $ 8,300 $ 10,500 Work in process $ 5,100 $ 20,800 Finished goods $ 71,000 $25,800 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 $ 656,000 Direct labor cost $ 81,000 Raw material purchases $ 130,000 Selling expenses $ 105,000 Administrative expenses $ 47,000 Manufacturing overhead applied to work in process $ 228,000 Actual manufacturing overhead costs $ 205,000 Inventories Beginning Ending Raw materials $ 8,300 $ 10,500 Work in process $ 5,100 $ 20,800 Finished goods $ 71,000 $25,800 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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