Question

In: Accounting

The following data from the just completed year are taken from the accounting records of Mason...

The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 656,000 Direct labor cost $ 86,000 Raw material purchases $ 132,000 Selling expenses $ 107,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 207,000 Actual manufacturing overhead costs $ 223,000 Inventories Beginning Ending Raw materials $ 8,100 $ 10,300 Work in process $ 5,800 $ 20,300 Finished goods $ 79,000 $ 25,400 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.

Solutions

Expert Solution


Related Solutions

The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 650,000 Direct labor cost $ 81,000 Raw material purchases $ 137,000 Selling expenses $ 101,000 Administrative expenses $ 43,000 Manufacturing overhead applied to work in process $ 202,000 Actual manufacturing overhead costs $ 225,000 Inventories Beginning Ending Raw materials $ 8,400 $ 10,400 Work in process $ 5,100 $ 20,200 Finished goods $ 71,000 $ 25,900 Required: 1. Prepare a...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 653,000 Direct labor cost $ 85,000 Raw material purchases $ 136,000 Selling expenses $ 110,000 Administrative expenses $ 45,000 Manufacturing overhead applied to work in process $ 208,000 Actual manufacturing overhead costs $ 221,000 Inventories Beginning Ending Raw materials $ 8,200 $ 10,300 Work in process $ 5,300 $ 20,000 Finished goods $ 75,000 $ 25,800 1. Prepare a schedule...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 653,000 Direct labor cost $ 87,000 Raw material purchases $ 132,000 Selling expenses $ 105,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 208,000 Actual manufacturing overhead costs $ 229,000 Inventories Beginning Ending Raw materials $ 9,000 $ 11,000 Work in process $ 5,100 $ 20,700 Finished goods $ 77,000 $ 25,400 Required: 1. Prepare a...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 651,000 Direct labor cost $ 88,000 Raw material purchases $ 138,000 Selling expenses $ 103,000 Administrative expenses $ 48,000 Manufacturing overhead applied to work in process $ 206,000 Actual manufacturing overhead costs $ 228,000 Inventories Beginning Ending Raw materials $ 8,500 $ 10,900 Work in process $ 5,400 $ 20,000 Finished goods $ 76,000 $ 25,000 Required: 1. Prepare a...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 656,000 Direct labor cost $ 80,000 Raw material purchases $ 137,000 Selling expenses $ 104,000 Administrative expenses $ 45,000 Manufacturing overhead applied to work in process $ 205,000 Actual manufacturing overhead costs $ 225,000 Inventories Beginning Ending Raw materials $ 8,200 $ 10,900 Work in process $ 5,600 $ 20,600 Finished goods $ 74,000 $ 25,200 Required: 1. Prepare a...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 658,000 Direct labor cost $ 90,000 Raw material purchases $ 138,000 Selling expenses $ 107,000 Administrative expenses $ 47,000 Manufacturing overhead applied to work in process $ 209,000 Actual manufacturing overhead costs $ 223,000 Inventories Beginning Ending Raw materials $ 8,500 $ 10,800 Work in process $ 5,600 $ 20,600 Finished goods $ 75,000 $ 25,000 Required: 1. Prepare a...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 653,000 Direct labor cost $ 81,000 Raw material purchases $ 131,000 Selling expenses $ 109,000 Administrative expenses $ 41,000 Manufacturing overhead applied to work in process $ 205,000 Actual manufacturing overhead costs $ 221,000 Inventories Beginning Ending Raw materials $ 8,700 $ 11,000 Work in process $ 5,700 $ 20,600 Finished goods $ 73,000 $ 25,700 Required: 1. Prepare a...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 658,000 Direct labor cost $ 81,000 Raw material purchases $ 134,000 Selling expenses $ 107,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 224,000 Actual manufacturing overhead costs $ 207,000 Inventories Beginning   Ending Raw materials $ 8,500   $ 10,200 Work in process  $ 5,400 $ 20,600 Finished goods $ 74,000    $ 25,900 Required: 1. Prepare a schedule...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 655,000 Direct labor cost $ 82,000 Raw material purchases $ 131,000 Selling expenses $ 103,000 Administrative expenses $ 41,000 Manufacturing overhead applied to work in process $ 222,000 Actual manufacturing overhead costs $ 209,000 Inventories Beginning Ending Raw materials $ 8,200 $ 10,500 Work in process $ 5,700 $ 20,800 Finished goods $ 75,000 $ 25,400 Required: 1. Prepare a...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 656,000 Direct labor cost $ 82,000 Raw material Purchases $ 139,000 Selling expenses $ 108,000 Administrative expenses $ 49,000 Manufacturing overhead applied to work in process $ 202,000 Actual manufacturing overhead costs $ 229,000 Inventories Beginning Ending Raw materials $ 8,600 $ 10,600 Work in process $ 5,400 $ 20,900 Finished goods $ 79,000 $ 25,500 Required: 1. Prepare a schedule...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT