E Course Modules: RLST 1 X Y SmartBook O Ch. 2 Homework Ch 2 Homenarik * C Cheg
ID: 2606498 • Letter: E
Question
E Course Modules: RLST 1 X Y SmartBook O Ch. 2 Homework Ch 2 Homenarik * C Cheg Study Guided se X VG how do you seenshot x. X c Chegg Study | Guided S. XV G how do you screenshot = x Anthony - o x *A® @ : E C O ezto.mheducation.com/hm.tpx Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 88.000 $ 139.000 $ 104,000 $ 50.000 $ 208.000 $ 221,000 |Inventories Raw materials Work in process Finished goods Beginning End of of Year Year $ 8,100 $ 10,500 $ 5,800 $ 20,500 $ 75,000 $ 25.300 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials Mason Company Schedule of Cost of Goods Manufactured Direct materials: Raw materials available for use Raw materials used in production Total manufacturing costs LAVO-O 1222018 LITT OVolges Gnl 8:49 PMExplanation / Answer
Answer:1
Schedule of Cost of Goods Manufactured:
Answer:2
Schedule of Cost of Goods sold:
Working Note:
Note 1:
Underapplied overhead = Actual manufacturing overhead costs - Manufacturing overhead applied to work in process
= $221000 - $208000
= $13000
Answer:3
Income Statement:
Mason Company Schedule of Cost of Goods manufactured Direct Materials: Beginning raw material inventory $ 8,100.00 Add: Purchases of raw materials $ 1,39,000.00 Raw materials available for use $ 1,47,100.00 Less: Ending raw materials inventory $ 10,500.00 Raw materials used in production (a) $ 1,36,600.00 Direct labour (b) $ 88,000.00 Manufacturing overhead cost applied to work in process © $ 2,08,000.00 Total manufacturing costs (a+b+c) $ 4,32,600.00 Add: Beginning work in process inventory $ 5,800.00 $ 4,38,400.00 Less: Ending work in process inevntory $ 20,500.00 Cost of goods manufactured $ 4,17,900.00Related Questions
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