Mason Company | |||
Schedule of cost of goods manufactured | |||
Direct Materials: | |||
Beginning Raw materials | $8,700 | ||
Add:Purchase of raw materials | $134,000 | ||
Total Raw materials available | $142,700 | ||
Less:Ending raw materials inventory | $10,400 | ||
Raw materials used in production | $132,300 | ||
Direct Labor | $86,000 | ||
Manufacturing OH applied to WIP | $209,000 | ||
Total manufaturing costs | $427,300 | ||
Add:Beginning WIP inventory | $6,000 | ||
$433,300 | |||
Less:Ending WIP inventory | $20,200 | ||
Cost of goods manufactured | $413,100 | ||
Mason Company | |||
Schedule of cost of goods sold | |||
Beginning Finished goods inventory | $71,000 | ||
Add:Cost of goods manufactured | $413,100 | ||
Cost of goods available for sale | $484,100 | ||
Less:Finished goods inventory | $25,900 | ||
Unadjusted cost of goods sold | $458,200 | ||
Add:Under-applied overheads | $14,000 | ($223,000-209,000) | |
Adjusted cost of goods sold | $472,200 | ||
Mason Company | |||
Income Statement | |||
Sales | $652,000 | ||
Less:Cost of goods sold | $472,200 | ||
Gross Margin | $179,800 | ||
Less:Selling and admin expenses: | |||
Selling expense | $101,000 | ||
Administrative expense | $47,000 | $148,000 | |
Net operating income | $31,800 | ||
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 $ 652,000 $ 88,000 $ 134,000 $ 108,000 $ 44,000 $ 220,000 $ 209,000 Inventories Row materials Work in process Finished goods Beginning $ 8,700 $ 5,200 $ 79,000 Ending $ 10,600 $ 20,600 $ 25,300 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 $ 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 $ 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 $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: $658,000 $ 84,000 $131,000 $105,000 $50,000 $209,000 $227,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Beginning Ending 8,800 $10, 700 $ 5,500 $20, 000 $71,000 $25,400 Inventories Raw materials Work in process Finished goods 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 $ 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 $ 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 $ 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: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 655,000 $ 84,000 $ 135,000 $ 108,000 $ 42,000 $ 203,000 $ 230,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,000 $ 5,700 $ 74,000 Ending $10,000 $ 20,300 $ 25,900 Required: 1. Prepare a schedule of...
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 656,000 Direct labor cost $ 82,000 Raw material purchases $ 138,000 Selling expenses $ 101,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 210,000 Actual manufacturing overhead costs $ 221,000 Inventories Beginning Ending Raw materials $ 8,100 $ 10,800 Work in process $ 5,100 $ 21,000 Finished goods $ 79,000 $ 25,500 Required: 1. Prepare a...