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 $657,000 $84,000 $138,000 $102,000 $47,000 Manufacturing overhead applied to work in process $205,000 Actual manufacturing overhead costs $220,000 Inventories Beginning of Year End of Year Raw materials $8,500 $10,200 Work in process $5,200 $20,500 $25,100 Finished goods $78,000 Required: a. Prepare a schedule of the cost of goods manufactured. Assume all raw materials used in production were direct materials. b. Prepare a schedule of the cost of goods sold. c. Prepare an income statement.

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 $657,000 $84,000 $138,000 $102,000 $47,000 Manufacturing overhead applied to work in process $205,000 Actual manufacturing overhead costs $220,000 Inventories Beginning of Year End of Year Raw materials $8,500 $10,200 Work in process $5,200 $20,500 $25,100 Finished goods $78,000 Required: a. Prepare a schedule of the cost of goods manufactured. Assume all raw materials used in production were direct materials. b. Prepare a schedule of the cost of goods sold. c. 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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