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
ekkarill92 answered 1 year agoRelated 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)
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