Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold: Inc

Question

Exercise 3-6 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 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs 654,000 87,000e $ 134,008 103,00e 47,000 s 202,806 222,000 Inventories Raw materials Work in process Finished goods Beginning Ending S 8,800 18,400 5,380 20,680 $ 72,000 25,300 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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Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning $          8,800 Add: Purchases of raw materials          134,000 Total raw materials available          142,800 Less: Raw materials inventory, ending            10,400 Raw materials used in production $        132,400 Direct labor              87,000 Manufacturing overhead applied to work in process Inventory            202,000 Total manufacturing costs            421,400 Add: Beginning work in process inventory                 5,300 Less: Ending work in process inventory              20,600 Cost of goods manufactured            406,100

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