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The following data from the just completed year are taken from the accounting records of Mairead Company. Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 81,000 $136,000 $ 107,000 $ 40,000 $ 228,000 $ 203,000 Inventories Raw materials Beginning Ending $ 8,000 $ 10,200 Work in process Finished goods $ 5,300 $ 20,600 $ 77,000 $ 25,600 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 Co Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mairead Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to C of Goods Sold. Mairead Company Schedule of Cost of Goods Sold Prepare an income statement. Mairead Company Income Statement Selling and administrative expenses: 0 0 $ 0 < Required 2 R

The following data from the just completed year are taken from the accounting records of Mairead Company. Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 81,000 $136,000 $ 107,000 $ 40,000 $ 228,000 $ 203,000 Inventories Raw materials Beginning Ending $ 8,000 $ 10,200 Work in process Finished goods $ 5,300 $ 20,600 $ 77,000 $ 25,600 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 Co Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mairead Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to C of Goods Sold. Mairead Company Schedule of Cost of Goods Sold Prepare an income statement. Mairead Company Income Statement Selling and administrative expenses: 0 0 $ 0 < Required 2 R

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 13E: Wyandotte Company provided the following information for the last calendar year: During the year,...
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The following data from the just completed year are taken from the accounting records of Mairead Company. Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 81,000 $136,000 $ 107,000 $ 40,000 $ 228,000 $ 203,000 Inventories Raw materials Beginning Ending $ 8,000 $ 10,200 Work in process Finished goods $ 5,300 $ 20,600 $ 77,000 $ 25,600 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 Co Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mairead Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available
Transcribed Image Text:The following data from the just completed year are taken from the accounting records of Mairead Company. Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 81,000 $136,000 $ 107,000 $ 40,000 $ 228,000 $ 203,000 Inventories Raw materials Beginning Ending $ 8,000 $ 10,200 Work in process Finished goods $ 5,300 $ 20,600 $ 77,000 $ 25,600 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 Co Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mairead Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available
Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to C of Goods Sold. Mairead Company Schedule of Cost of Goods Sold Prepare an income statement. Mairead Company Income Statement Selling and administrative expenses: 0 0 $ 0 < Required 2 R
Transcribed Image Text:Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to C of Goods Sold. Mairead Company Schedule of Cost of Goods Sold Prepare an income statement. Mairead Company Income Statement Selling and administrative expenses: 0 0 $ 0 < Required 2 R
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