Cost of Goods Manufactured Schedule- Mason Company | |||
Work in Process, Beginning | $5,200.00 | ||
Direct Materials | |||
Raw Materials Invenry, Beginning | $8,500.00 | ||
Raw Materials Purchases | $138,000.00 | ||
tal Raw Materials Available for Use | $146,500.00 | ||
Less: Raw Materials Inventory, Ending | -$10,300.00 | ||
Direct Materials Used | $136,200.00 | ||
Direct Labor | $84,000.00 | ||
Manufacturing Overhead: | |||
Manufacturing Applied | $207,000.00 | ||
Total Manufacturing Costs | $427,200.00 | ||
Total Cost of Work in Process | $432,400.00 | ||
Less: Work in Process, Ending | -$20,800.00 | ||
Cost of Goods Manufactured | $411,600.00 |
Scheduled of Cost of Goods Sold- Mason Company | ||
Finished Good Inventory Beginning | $73,000.00 | |
Cost of goods Manufactured | $411,600.00 | |
Cost of goods available for sale | $484,600.00 | |
Less: Finished goods Ending inventory, | -$25,800.00 | |
Cost of Goods Sold | $458,800.00 | |
Less:
Under applied Overhead ( 225000-207000) |
-$18,000.00 | |
Adjusted cost of Goods Sold | $440,800.00 |
(Partial) Income Statement-Mason Company | ||
Sales Revenue | $651,000.00 | |
Less: Adjusted Cost of goods sold | -$440,800.00 | |
Gross profit | $210,200.00 | |
Less: Selling & Admin Expense | ||
Selling Expense | $105,000.00 | |
Administrative Expense | $41,000.00 | $146,000.00 |
Net Income | $64,200.00 |
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 $ 658,000 $ 87,000 $ 137,000 $ 108,000 $ 48,000 $ 209,000 $ 226,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,100 $ 6,000 $ 73,000 Ending $ 10,100 $ 20,200 $ 25,800 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 $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 $ 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 $ 651.000 $ 88,000 $ 140.000 $ 109,000 $ 43,000 $ 209,000 $ 222,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,300 $ 5,200 $ 76,000 Ending $ 10,800 $ 20,400 $ 25,400 Required: 1. Prepare a schedule...
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 $ 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: 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 $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...