Exercise 3-6 (Algo) 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: $ 657,000 $82,000 $ 131,000 $107.000 $ 45,000 $225,000 $200,000 Bales Direct labor cost Rew material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual nanufacturing overhead costs Inventories Raw materials work in process Finished goods Beginning $8,800 $ 5.400 $80,000 Ending 10,300 $20,600 $ 25,700 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. Complete this question by entering your answers in the tabs below.

Exercise 3-6 (Algo) 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: $ 657,000 $82,000 $ 131,000 $107.000 $ 45,000 $225,000 $200,000 Bales Direct labor cost Rew material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual nanufacturing overhead costs Inventories Raw materials work in process Finished goods Beginning $8,800 $ 5.400 $80,000 Ending 10,300 $20,600 $ 25,700 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. Complete this question by entering your answers in the tabs below.

Name: Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost
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Description: Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; IncomeStatement [LO3-3]The following data from the just completed year are taken from the accounting records of Mason Company:$ 657,000$82,000$ 131,000$ 107,000$45,0

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 18MCQ: 2-18 Use the following information for Multiple- Choice Questions 2-13 through 2-18: Last year,...

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2-18 Use the following information for Multiple- Choice Questions 2-13 through 2-18: Last year, Barnard Company incurred the following costs: Barnard produced and sold 10,000 units at a price of 31 each. Refer to the information for Barnard Company on the previous page. Operating income is a. 34,000. b. 110,000. c. 234,000. d. 270,000. e. 74,000.
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