The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Required: Ending Beginning $ 8,400 $ 10,900 $ 5,300 $ 20,500 $ 75,000 $ 25,200 $ 659,000 $ 81,000 $ 134,000 $ 109,000 $ 42,000 $ 224,000 $ 203,000 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.

The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Required: Ending Beginning $ 8,400 $ 10,900 $ 5,300 $ 20,500 $ 75,000 $ 25,200 $ 659,000 $ 81,000 $ 134,000 $ 109,000 $ 42,000 $ 224,000 $ 203,000 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.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 7P: Selected account balances and transactions of Titan Foundry Inc. follow: May Transactions: a....

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