The following data from the just completed year are taken from the accounting re

Question

The following data from the just completed year are taken from the accounting records of Mason Company:

   

The following data from the just completed year are taken from the accounting records of Mason Company:

Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Direct materials: Raw materials available for use Raw materials used in production Total manufacturing costs Cost of goods manufactured

Explanation / Answer

MASON COMPANY

Schedule of cost of goods manufacture

Direct Materials

Raw material at beginning

8300

Raw ,materials available for use

136000

Raw material at end

10700

Raw material used in production

133600

Direct labor cost

88000

Total manufacturing costs

221600

Add- WIP at beginning

5300

Less- WIP at end

21000

Cost of goods manufactured

205900

MASON COMPANY

Cost of goods sold

Beginning finished goods inventory

76000

Goods available for sale

205900

Unadjusted cost of goods sold

281900

Adjusted cost of goods sold

256400

MASON COMPANY

Income statement

sales

650000

Less- COGS

270800

Less – selling and administrative expense

148000

profit

231200

MASON COMPANY

Schedule of cost of goods manufacture

Direct Materials

Raw material at beginning

8300

Raw ,materials available for use

136000

Raw material at end

10700

Raw material used in production

133600

Direct labor cost

88000

Total manufacturing costs

221600

Add- WIP at beginning

5300

Less- WIP at end

21000

Cost of goods manufactured

205900

MASON COMPANY

Cost of goods sold

Beginning finished goods inventory

76000

Goods available for sale

205900

Unadjusted cost of goods sold

281900

Adjusted cost of goods sold

256400

MASON COMPANY

Income statement

sales

650000

Less- COGS

270800

Less – selling and administrative expense

148000

profit

231200

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