Help Save &Exit es Check my The following data from the just completed year are

Question

Help Save &Exit es Check my The following data from the just completed year are taken from the accounting records of Mason Company Direet labor cost Rav naterial parehases Selling expenses Administrative expenses Manofacturing overbead applied to work in process 658,000 83,000 137,000 102,000 42.000 206,000 s 223,000 otual manafacturing overhead costs Ending 8.300 10,400 5,20O 20,800 Work in process Pinished goods t 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 underappied 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 20 3 5

Explanation / Answer

Schedule for manufacturing cost beginning raw material 8300 Add Purchase of raw material 137000 Total 145300 Less Ending Raw material 10400 Raw material used in production 134900 Direct labor 83000 manufacturing cost applied 206000 Total manufacturing cost 423900 Add Beginning work in progress 5200 429100 less Ending work in progress 20800 Cost of goods manufactured 408300 Add Beginning finished goods inventory 74000 Cost of goods available for sale 482300 Less Ending finished goods inventory 26000 unadjusted Cost of goods sold 456300 Add Under applied overheads 17000 Cost of goods sold 473300 Schedule for net income Sales revenue 658000 Less Cost of goods sold unadjusted Cost of goods sold 456300 Under applied manufacturing OH 17000 473300 Gross profit 184700 Less Expenses Admin expense 42000 Selling expense 102000 144000 Net operating income 40700

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.