The following data from the just completed year are taken from the accounting re

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 $ 654,000 S 84,000 3 135,000 5 104.000 $ 48.000 208,000 5 221.000 Raw materials Work in process Finished goods $ 8,500 10.700 $ 5.200 S 20.800 $ 70,000 25.800 Requirec 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials ason Schedule of Cost of Goods Manufactured Direct materials Raw materials available for use Raw materials used in production Total manufacturing costs Cost of goods manufactured 2. Prepare a schedule of cost of goods sold.

Explanation / Answer

1)

2)

3) Income statement

Mason company Schedule of cost of goods manufactured Direct material Beginning raw material 8500 Raw material purchase 135000 Raw material available for use 143500 Less: Ending raw material -10700 Raw material used in production 132800 Direct labour 84000 Manufacturing overhead 208000 Total manufacturing cost 424800 Beginning work in process 5200 Total cost of work in process 430000 Less: Ending work in process -20600 Cost of goods manufactured 409400

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