Question

The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 524,000 Direct labor cost $ 70,000 Raw material purchases $ 118,000 Selling expenses $ 140,000 Administrative expenses $ 63,000 Manufacturing overhead applied to work in process $ 90,000 Actual manufacturing overhead costs $ 80,000 Inventories Beginning Ending Raw materials $ 7,000 $ 15,000 Work in process $ 10,000 $ 5,000 Finished goods $ 20,000 $ 35,000 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.

          The following data from the just completed year are taken from the accounting records of Mason Company:                Sales    $    524,000      Direct labor cost    $    70,000      Raw material purchases    $    118,000      Selling expenses    $    140,000      Administrative expenses    $    63,000      Manufacturing overhead applied to work in process    $    90,000      Actual manufacturing overhead costs    $    80,000                 Inventories    Beginning    Ending      Raw materials    $    7,000    $    15,000      Work in process    $    10,000    $    5,000      Finished goods    $    20,000    $    35,000            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.

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