Exercise 3-11 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; In

Question

Exercise 3-11 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-6] 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 $ 524,000 $ 70,000 $ 118,000 $ 140,000 $ 63,000 $ 90,000 $ 80,000 Beginning End of Year Inventories Raw materials Work in process Finished goods of Year $ 7,000 $ 15,000 $10,000 $ 5,000 20,000 $ 35,000

Explanation / Answer

1. Schedule of cost of goods manufactured is shown as under:

2.

Schedule of cost of goods sold is shown as under:

3. Income statement is shown as under:

Mason Company Statement of Cost of goods manufactured Direct Materials Opening raw material $7,000 Purchases 118,000 Materials available for use 125,000 Less: Closing raw material 15,000 Direct materials consumed 110,000 Direct labor 70,000 Manufacturing overhead 90,000 Add: opening Work in process 10,000 Less: Closing Work in process 5,000 Cost of goods manufactured 275,000

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