The following data from the just completed year are taken from the accounting records of Mason Company:
Sales $ 657,000
Direct labor cost $ 84,000
Raw material purchases $ 134,000
Selling expenses $ 101,000
Administrative expenses $ 49,000
Manufacturing overhead applied to work in process $ 203,000
Actual manufacturing overhead costs $ 225,000
Inventories
Beginning of Year End of Year
Raw materials $ 8,500 $ 10,900
Work in process $ 5,500 $ 20,400
Finished goods $ 79,000 $ 25,900
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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Home » Business » The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 657,000 Direct labor cost $ 84,000 Raw material purchases $ 134,000 Selling expenses $ 101,000 Administrative expenses $ 49,000