Required 1 : | ||
Mason company | ||
Schedule of cost of goods manufactured | ||
Direct materials : | ||
Beginning raw materials | 8300 | |
Purchase of raw materials | 140000 | |
Total raw materials available | 148300 | |
Ending raw materials | 10800 | |
Raw materials used in production | 137500 | |
Direct labor cost | 88000 | |
Manufacturing overhead applied | 209000 | |
Total manufacturing costs | 434500 | |
Beginning work in process | 5200 | |
Total cost of work in process | 439700 | |
Ending work in process | 20400 | |
Cost of goods manufactured | 419300 |
As the manufacturing overhead applied is less than the actual manufacturing overhead, the overhead is underapplied by 13000 [ i.e. 222000 - 209000 ] |
Required 2 : | |
Mason company | |
Schedule of cost of goods sold | |
Beginning finished goods inventory | 76000 |
Add: Cost of goods manufactured | 419300 |
Goods available for sale | 495300 |
Less: Ending finished goods inventory | 25400 |
Unadjusted cost of goods sold | 469900 |
(+) Underapplied overhead | 13000 |
Adjusted cost of goods sold | 482900 |
Required 3 : | ||
Mason company | ||
Income statement | ||
Sales | 651000 | |
Cost of goods sold | 482900 | |
Gross margin | 168100 | |
Selling and administrative expense : | ||
Selling expenses | 109000 | |
Administrative expenses | 43000 | 152000 |
Net operating income | 16100 |
The following data from the just completed year are taken from the accounting records of Mason...
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 $ 651,000 $ 84,000 $ 138.000 $ 105,000 $ 41,000 $ 207.000 $ 225.000 Inventories Raw materials Work in process Finished goods Beginning $ 8,500 $ 5,200 $ 73,000 Ending $ 10,300 $ 20,800 $25,800 Required: 1. Prepare a schedule of...
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 $ 652,000 $ 88,000 $ 139,000 $ 102,000 $ 40,000 $ 203,000 $ 224,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,100 $ 5,500 $ 79,000 Ending $ 10,500 $ 20,300 $25,800 Required: 1. Prepare a schedule of...
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 $ 657,000 $ 87,000 $ 138,000 $ 101,000 $ 45,000 $ 201,000 $ 223,000 Inventories Raw materials Work in process Finished goods Beginning $ 9,000 $ 5,800 $ 78,000 Ending $ 10,900 $ 20,700 $25,500 Required: 1. Prepare a schedule of...
The following data from the just completed year are taken from the accounting records of Mason Company: points Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 653,000 $ 87,000 $ 136,000 $ 102,000 $ 47,000 $ 203,000 $ 229,000 eBook Hint Print References Inventories Raw materials Work in process Finished goods Beginning $ 8,500 $ 5,300 $ 76,000 Ending $ 10,600 $ 20,400 $ 25,700...
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 $ 656,000 $ 89,000 $ 130,000 $ 101,000 $ 41,000 $ 204,000 $ 223,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,600 $ 5,200 $ 77,000 Ending $ 10,100 $ 20,800 $ 25,900 Required: 1. Prepare a schedule...
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 $ 659,000 $ 88,000 $ 136,000 $ 100,000 $ 43,000 $ 202,000 $ 221,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,100 $ 5,200 $ 71,000 Ending $ 10,800 $ 20,300 $ 25,900 Required: 1. Prepare a schedule...
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 $ 84,000 $ 132,000 $ 109,000 $ 44,000 $ 203,000 $ 226,000 Inventories Raw materiala Work in process Finished goods Beginning $ 8,200 $ 5,000 $ 72,000 Ending $ 10,900 $20,700 $25,300 Required: 1. Prepare a schedule of cost...
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 $652,000 $ 89,000 $137,000 $103,000 $ 49,000 $208,000 $225,000 Inventories Beginning Ending Raw materials $ 8,400 $10,200 Work in $ 5,000 $20,200 process Finished goods $78,000 $25,800 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials...
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 $656,000 $ 89,000 $140,000 $103,890 $ 41,000 $202,000 $228,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,900 $10,800 $ 5,300 $20,700 $74,000 $25,180 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials...
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 $524,000 $ 70,000 $118,000 $140,000 $ 63,000 $ 90,000 $ 80,000 Inventories Raw materials Work in process Pinished goods Beginning Ending $ 7,000 $ 15,000 $ 10,000 $ 5,000 $ 20,000 $ 35,000 Required: 1. Prepare a schedule of cost of...