Use the following information for questions 7-8: The following data from the jus

Question

Use the following information for questions 7-8: The following data from the just completed year are taken from the accounting records of Mason Company. Please use the information below: Sales Direct Labor Cost Raw Materials Purchased Selling Expense Administrative Expense Manufacturing Overhead Applied to Work in $524,000 $70,000 $118,000 $140,000 $63,000 Process $90,000 Actual Manufacturing Overhead Cost $80,000 Beginning of Endo Inventories Year $15,000 $5,000 Year Raw Materials Work in Process Finished Goods $7,000 $20,000

Explanation / Answer

Working:

7) work in process beginning balance option b) $10,000 8) Adjusted cost of goods sold option c) $250,000

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