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 | $ | 654,000 |
| Direct labor cost | $ | 80,000 |
| Raw material purchases | $ | 139,000 |
| Selling expenses | $ | 100,000 |
| Administrative expenses | $ | 40,000 |
| Manufacturing overhead applied to work in process | $ | 230,000 |
| Actual manufacturing overhead costs | $ | 204,000 |
| Inventories | Beginning | Ending | ||
| Raw materials | $ | 8,500 | $ | 10,800 |
| Work in process | $ | 5,400 | $ | 20,700 |
| Finished goods | $ | 78,000 | $ | 25,800 |
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 2 years agoRelated 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 $ 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...
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...
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