YOU TUBE TWITTER Y YAHOO G th STPSB e-Learning Por Inbox-Outlook Web 0: Mail-Deb

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YOU TUBE TWITTER Y YAHOO G th STPSB e-Learning Por Inbox-Outlook Web 0: Mail-Debe Question 9 (of 10) value 2.00 points 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 $ 656.000 S 89,000 133,000 108,000 S 49,000 209,000 S 228,000 Direct labor cost Raw material overhead applied to work in process Actual overhead costs 9 End of of Year Year S 8.600 $ 10,900 S 5,900 $ 20,400 s 75.000 S 25,800

Explanation / Answer

Schedule of Cost of Goods Manufactured Direct Materials Raw material Purchases $133,000.00 Add:Beginning Raw material Inventory $8,600.00 Raw material available for use $141,600.00 Less : Ending Raw material Inventory $10,900.00 Raw Material Used in Production $130,700.00 Direct Labour cost $89,000.00 Manufacturing Overhead applied $209,000.00 Total Manufacturing Cost $428,700.00 Add : Beginning Work in process $5,900.00 Less : Ending work in process $20,400.00 Cost of goods Manufactured $414,200.00 Schedule OF Cost of goods sold Beginning Finished Goods Inventory $75,000.00 Add : Cost of goods Manufactured $414,200.00 Goods available for sale $489,200.00 Less : Ending Finished Goods Inventory $25,800.00 Unadjusted Cost of goods sold $463,400.00 Add : Underapplied Manufacturing overhead costs $19,000.00 Adjusted cost of goods sold $482,400.00 Income statement Sales $656,000.00 Less : Adjusted Cost of good sold $482,400.00 Gross Margin $173,600.00 Selling and adminsitrative expenses Administrative expenses $49,000.00 Selling expenses $108,000.00 $157,000.00 Net Operating Income $16,600.00

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