The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 660,000 $ 83,000 $ 139,000 $ 109, 000 $ 43,000 $ 225, 000 $ 207, 000 Inventories Raw materials Work in process Finished goods Beginning $ 8,600 $ 5,800 $ 74,000 Ending $ 10,800 $ 20,000 $ 25,900 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct mat- 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is Goods Sold. 3. Prepare an income statement. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3

The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 660,000 $ 83,000 $ 139,000 $ 109, 000 $ 43,000 $ 225, 000 $ 207, 000 Inventories Raw materials Work in process Finished goods Beginning $ 8,600 $ 5,800 $ 74,000 Ending $ 10,800 $ 20,000 $ 25,900 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct mat- 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is Goods Sold. 3. Prepare an income statement. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3

Name: The following data from the just completed year are taken from the ac
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Description: The following data from the just completed year are taken from the accounting records of Mason Company:SalesDirect labor costRaw material purchasesSelling expensesAdministrative expenses$ 660,000$ 83,000$ 139,000$ 109,000$ 43,000$ 225,000$ 207, 000M

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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The following data from the just completed year are taken from the accounting records of Mason Company: $ 654,000 $ 89,000 $ 135,000 $ 107,000 $ 46,000 $ 226,000 $ 210,000 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 Beginning Ending $8,800 $ 10,100 $5,000 $ 20,800 $77,000 $ 25,400 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. 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. Direct…
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