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ID: 2329354 • Letter: T
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tavortes here, select * then , and drag to te Favorites Bar folder. Or mport trom another browser. Import tortes Week 1 Saved 4 The following data from the just completed year are taken from the accounting records of Mason Company. 2.11 points Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $655,80 84,eee $139,800 $109,eee 49,ee $203,ee $222,808 eBook References Beginning Ending $ 8,400 $1e,2ee s 5,300 $2e,600 $78,800 $25,48e Inventories Raw materials Work in process Finished goods 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. below. Complete this question by entering your answers in the tabs Required 1 Required 2 Required 3 O Type here to searchExplanation / Answer
1.
2.
Calculation: Underapplied overhead = 222,000 - 203,000
3.
Direct materials: Beginning raw materials inventory 8,400.00 Add: purchases of raw material 139,000.00 Raw materials available for use 147,400.00 Less: ending raw materials inventory 10,200.00 Raw materials used in production 137,200.00 Direct labor 84,000.00 Manufacturing overhead 203,000.00 Total manufacturing costs 424,200.00 Add: beginning WIP inventory 5,300.00 429,500.00 less: Ending WIP inventory 20,600.00 Cost of goods manufactured 408,900.00Related Questions
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