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Sales ... $524,000 Direct labor cost ... Raw material purchases.. Selling expenses..... Administrative expenses.... Manufacturing overhead applied to work in process. Actual manufacturing overhead costs... $70,000 $118,000 $140,000 $63,000 $90,000 $80,000 Inventories Beginning Ending Raw materials... Work in process. Finished goods $7,000 $10,000 $20,000 $15,000 ..... $5,000 $35,000 .... ....

Sales ... $524,000 Direct labor cost ... Raw material purchases.. Selling expenses..... Administrative expenses.... Manufacturing overhead applied to work in process. Actual manufacturing overhead costs... $70,000 $118,000 $140,000 $63,000 $90,000 $80,000 Inventories Beginning Ending Raw materials... Work in process. Finished goods $7,000 $10,000 $20,000 $15,000 ..... $5,000 $35,000 .... ....

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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Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement

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

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.

 

Sales ... $524,000 Direct labor cost ... Raw material purchases.. Selling expenses..... Administrative expenses.... Manufacturing overhead applied to work in process. Actual manufacturing overhead costs... $70,000 $118,000 $140,000 $63,000 $90,000 $80,000 Inventories Beginning Ending Raw materials... Work in process. Finished goods $7,000 $10,000 $20,000 $15,000 ..... $5,000 $35,000 .... ....
Transcribed Image Text:Sales ... $524,000 Direct labor cost ... Raw material purchases.. Selling expenses..... Administrative expenses.... Manufacturing overhead applied to work in process. Actual manufacturing overhead costs... $70,000 $118,000 $140,000 $63,000 $90,000 $80,000 Inventories Beginning Ending Raw materials... Work in process. Finished goods $7,000 $10,000 $20,000 $15,000 ..... $5,000 $35,000 .... ....
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