FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
$ 46,000
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 $5,700
Finished goods $ 76,000 $ 25,500
Beginning Ending
$ 8,600 $ 10,400
$20,400
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 Required Required
1
2
3
Prepare an income statement.
Mason Company
Income Statement
Selling and administrative
expenses:
$ 227,000
$ 200,000
$
< Required 2
0
0
0
Required 3 >
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Transcribed Image Text: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 $ 46,000 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 $5,700 Finished goods $ 76,000 $ 25,500 Beginning Ending $ 8,600 $ 10,400 $20,400 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 Required Required 1 2 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses: $ 227,000 $ 200,000 $ < Required 2 0 0 0 Required 3 >
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