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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 Inventories Raw materials Work in process Finished goods Required: Beginning Ending $ 8,700 $ 10,300 $ 5,400 $ 20,900 $ 75,000 $ 25,800 $ 651,000 $ 85,000 $ 138,000 $ 108,000 $ 44,000 $ 226,000 $ 210,000 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 the company's underapplied or overapplied overhead is closed to Cost of Go Sold. 3. 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 Inventories Raw materials Work in process Finished goods Required: Beginning Ending $ 8,700 $ 10,300 $ 5,400 $ 20,900 $ 75,000 $ 25,800 $ 651,000 $ 85,000 $ 138,000 $ 108,000 $ 44,000 $ 226,000 $ 210,000 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 the company's underapplied or overapplied overhead is closed to Cost of Go Sold. 3. Prepare an income statement.

FINANCIAL ACCOUNTING
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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Check 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 Inventories Raw materials Work in process Finished goods Required: Beginning Ending $ 8,700 $ 10,300 $ 5,400 $ 20,900 $ 75,000 $ 25,800 $ 651,000 $ 85,000 $ 138,000 $ 108,000 $ 44,000 $ 226,000 $ 210,000 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
Transcribed Image Text:Check 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 Inventories Raw materials Work in process Finished goods Required: Beginning Ending $ 8,700 $ 10,300 $ 5,400 $ 20,900 $ 75,000 $ 25,800 $ 651,000 $ 85,000 $ 138,000 $ 108,000 $ 44,000 $ 226,000 $ 210,000 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
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