Mason Company provided the following data for this year:
Sales $
Direct labor cost $
Raw material purchases $
Selling expenses $
Administrative expenses $
Manufacturing overhead applied to work in process $
Actual manufacturing overhead costs $
Inventories Beginning Ending
Raw materials $ $
Work in process $ $
Finished goods $ $
Required:
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
Prepare an income statement.
