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 $651,000 $ 86,000 $132,000 $104,000 $ 43,000 $204,000 $221,000 Inventories Beginning Ending Raw materials 8,600 $10,600 Work in process Finished goods $73,000 $25,700 $ 5,600 $20,700 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. Complete this question by entering your answers in the tabs below. Required Required Required Prepare a schedule of cost of goods manufactured. Assume all raw materials used in 3 production were direct materials Mason Company Schedule of Cost of Goods Manufactured Direct materials Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured

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Solution 2:

Solution 3:

Mason Company Schedule of cost of goods manufactured Particulars Details Amount Direct Material: Beginning inventory $8,600.00 Raw material purchases $132,000.00 Total Raw material available $140,600.00 Ending inventory $10,600.00 Raw material used in production $130,000.00 Direct Labor $86,000.00 Manufacturing overhead Applied $204,000.00 Add: Opening WIP $5,600.00 Less: ending WIP $20,700.00 Cost of goods manufactured $188,900.00

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