Question

In: Accounting

Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...

Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]

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

  
Sales $ 657,000
Direct labor cost $ 85,000
Raw material purchases $ 131,000
Selling expenses $ 100,000
Administrative expenses $ 48,000
Manufacturing overhead applied to work in process $ 204,000
Actual manufacturing overhead costs $ 225,000
Inventories Beginning Ending
Raw materials $ 8,400 $ 10,500
Work in process $ 5,500 $ 20,400
Finished goods $ 71,000 $ 25,500

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

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement...
Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] 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...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 216,000 Purchases of raw materials $ 269,000 Direct labor ? Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 370,000 Actual manufacturing overhead cost $ 356,000 Inventory balances at the beginning and end of the year...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 264,000 Direct labor ? Administrative expenses $ 151,000 Manufacturing overhead applied to work in process $ 366,000 Actual manufacturing overhead cost $ 355,000 Inventory balances at the beginning and end of the year...
Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare...
Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,930 Direct labor $ 58,300 Manufacturing overhead applied to work in process $ 88,200 Underapplied overhead $ 4,160 Inventories Beginning Ending Raw materials $ 10,100 $ 19,700 Work in process $ 55,100 $ 68,300 Finished goods $ 33,200 $ 42,900 Required:...
Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6)...
Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The following information applies to the questions displayed below.] Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $ 55,000 $ 70,000 Work in process 120,000 115,000 Finished goods 170,000 165,000 During 20x1, the company purchased $240,000 of raw material and spent...
Problem 2-23A Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6]...
Problem 2-23A Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6] Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 219,000 Purchases of raw materials $ 266,000 Direct labor ? Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 332,000 Total actual manufacturing overhead costs $ 354,000 Inventory balances at the beginning and end of...
Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data...
Schedules of Cost of Goods Manufactured and Cost of Goods Sold; 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 of End of Year Year Raw materials.............. $7,000 $15,000 Work in process............ $10,000 $5,000...
PROBLEM 2–24 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour [LO1, LO2, LO3, LO4,...
PROBLEM 2–24 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour [LO1, LO2, LO3, LO4, LO5] Carlton Manufacturing Company provided the following details about operations in February Purchases of raw materials. . . . . . . ........................................... 130 000 Maintenance, factory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the...
1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the following information: IF YOU DO NOT LABEL YOUR ANSWERS, YOU WILL NOT RECEIVE CREDIT Beginning Raw Materials Inventory $1,000 Beginning Work-In-Process Inventory $2,000 Beginning Finished Goods Inventory $3,000 Ending Raw Materials Inventory $1,500 Ending Work-In-Process Inventory $2,500 Ending Finished Goods Inventory $3,500 Raw Materials Purchases $1,250 Direct Labor $750 Factory Overhead $750 2) Prepare journal entries, if necessary, for the following as of the...
the computation of cost of goods manufactured on the income statement IS . (ASSUME THERE ARE...
the computation of cost of goods manufactured on the income statement IS . (ASSUME THERE ARE NO WORK-IN- PROCESS INVENTORY)
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT