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 $ 656,000 $ 98,8e0 135,000 $ 100,006 $ 41,8ee s 216,8ee $ 230,090 Inventories Raw materials Work in process Finished goods $ 8,600 10,500 $ 6,000 20,600 $ 75,000 25,800 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. uour answers in the tabs below

Explanation / Answer

1 : Schedule of Cost of Goods Manufactured :

2) Schedule of Cost of Goods Sold :

3. Income Statement :

Raw Material: OB $8600 add: Purchases 135000 total RM available 143600 less: CB 10500 DM used $133100 DL used 90000 Manufacturing OH applied 210000 Total Manufacturing costs 433100 Add: opening WIP 6000 Total cost of WIP 439100 Less: closing WIP 20600 Cost of Goods Manufactured 418500

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