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 $ 654,000 $ 86,000 $ 134,000 $ 107,000 $ 49,000 Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 223,000 $ 202,000 Inventories Raw materials work in process Finished goods Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materia 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is clo Goods Sold. 3. Prepare an income statement. Beginning $ 5,900 $ 5,900 $ 78,000 Complete this question by entering your answers in the tabs below. Direct materials: Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Total raw materials available Ending $ 10,000 $ 20,000 $ 25,200 Mason Company Schedule of Cost of Goods Manufactured Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required 1 Required 2 >
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 $ 654,000 $ 86,000 $ 134,000 $ 107,000 $ 49,000 Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 223,000 $ 202,000 Inventories Raw materials work in process Finished goods Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materia 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is clo Goods Sold. 3. Prepare an income statement. Beginning $ 5,900 $ 5,900 $ 78,000 Complete this question by entering your answers in the tabs below. Direct materials: Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Total raw materials available Ending $ 10,000 $ 20,000 $ 25,200 Mason Company Schedule of Cost of Goods Manufactured Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required 1 Required 2 >
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 14E: The following events took place for Rushmore Biking Inc. during February, the first month of...
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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The following data from the just completed year are taken from the accounting records of Mason Company:
$ 654,000
$ 86,000
$ 134,000
$ 187,000
$ 49,000
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
Beginning
$ 8,900
$ 5,900
$ 78,000
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 C
Goods Sold.
3. Prepare an income statement.
Required 1 Required 2 Required 3
Complete this question by entering your answers in the tabs below.
Direct materials:
Ending
$ 10,800
$ 20,800
$ 25,200
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct
materials.
Total raw materials available
Mason Company
Schedule of Cost of Goods Manufactured
Direct materials used in production
$ 223,000
$ 202,000
Total manufacturing costs added to production
Total manufacturing costs to account for
Cost of goods manufactured
Required 1
Required 2 >
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