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The following data from the just completed year are taken from the accounting records of Mason Company Sales Direct labor cost Rav 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 Ending $10,000 $20,600 $25,400 $ 8,500 $ 5,800 $ 79,000 $ 656,000 $ 84,000 $ 136,000 $ 107,000 $ 49,000 $ 227,000 $ 205,000 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 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 Rav 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 Ending $10,000 $20,600 $25,400 $ 8,500 $ 5,800 $ 79,000 $ 656,000 $ 84,000 $ 136,000 $ 107,000 $ 49,000 $ 227,000 $ 205,000 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 Cost of Goods Sold. 3. Prepare an income statement.

Principles of Cost Accounting
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 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...
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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 Beginning Ending $10,000 $ 8,500 $ 5,800 $ 20,600 $ 79,000 $ 25,408 $ 656,000 $ 84,000 $ 130,000 $ 107,000 $ 49,000 $ 227,000 $ 205,000 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 Cost of Goods Sold. 3. Prepare an income statement.
Transcribed Image Text: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 Beginning Ending $10,000 $ 8,500 $ 5,800 $ 20,600 $ 79,000 $ 25,408 $ 656,000 $ 84,000 $ 130,000 $ 107,000 $ 49,000 $ 227,000 $ 205,000 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 Cost of Goods Sold. 3. Prepare an income statement.
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