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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.

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Expert Solution

ekkarill92 answered 1 year ago
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