Homework Answers
Direct material used = Beginning raw material inventory + Raw material purchased - Ending raw material inventory
= 8,000 + 85,000 - 11,000
= $82,000
Cost of goods manufactured = Direct material used + Direct labor + Total factory overhead + Beginning work in process inventory - Ending work in process inventory
= 82,000 + 110,000 + 85,000 + 20,000 - 30,000
= $267,000
Cost of goods sold = Cost of goods manufactured + Beginning finished goods - Ending finished goods
= 267,000 + 60,000 - 40,000
= $287,000
Fourth option is the correct option.
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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.
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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.
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...
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