Answer all the three requirement in text form without image The following data from the just completed year are taken from the accounting records of Mason Company:$ 659,000$ 89,000$ 138,000$ 103,000$ 46,000SalesDirect labor costRaw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work inprocessActual manufacturing overhead costsInventoriesRaw materialsWork in process $5,700Finished goods $ 76,000 $ 25,500Beginning Ending$ 8,600 $ 10,400$20,400Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were directmaterials.2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead isclosed to Cost of Goods Sold.3. Prepare an income statement.Complete this question by entering your answers in the tabs below.Required Required Required123Prepare an income statement.Mason CompanyIncome StatementSelling and administrativeexpenses:$ 227,000$ 200,000$< Required 2000Required 3 >

The schedule of cost of goods manufactured is prepared to estimate the cost of goods that are…

The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 659,000 $ 89,000 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 Beginning Ending $8,600 $ 10,400 $5,700 $ 20,400 Finished goods $76,000 $ 25,500 $ 138,000 $ 103,000 $ 46,000 $ 227,000 $ 200,000 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. . Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is losed to Cost of Goods Sold. . Prepare an income statement.

The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 659,000 $ 89,000 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 Beginning Ending $8,600 $ 10,400 $5,700 $ 20,400 Finished goods $76,000 $ 25,500 $ 138,000 $ 103,000 $ 46,000 $ 227,000 $ 200,000 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. . Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is losed to Cost of Goods Sold. . 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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