Question

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 $ 85,000 $ 131,080 $ 194,000 $ 44,000 $207,000 $ 224,000 Inventories Raut materials Work in process Finished goods Beginning $ 8,798 $ 5,700 $ 78,000 Ending $ 10, 209 $ 20,300 $25,200 Required: 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 CG Goods Sold 3. Prepare an income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured

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Answer 1

Answers Schedule of Cost of Goods Manuacturing Direct Material Raw Mateiral Invenotry, Beginning 8700 ADD: Purchase of Raw Material 131000 Total raw Material Available 139700 LESS: Raw Mateiral Invenotry Ending 10200 Raw material Used in Prodcution Direct Labor Manufacturing overheads Applied Total Manufacturing cost ADD Beginning Work in Process 129500 85000 207000 421500 5700 427200 20300 406900 LESS: Ending Work in Process Cost of Goods Manufactured Cost of Goods Sold Finished Good Invenotry, Beginning ADD: Cost of Goods Manufactured Cost of Goods Available for Sale LESS: Finidhed goods Inventory, Ending Unadjusted Cost of Goods Sold ADD: Underapplied Overhead Adjusted cost of Goods Sold 78000 406900 484900 25200 459700 17000 476700

Income Statement Sales 652000 Cost of Goods Sold 476700 Gross Margin 175300 Selling and Administrstive Expenes Selling Expenses 104000 Administrative Expenses 44000148000 Net Oprating Income 27300