The following data from the just completed year are taken from the accounting records of...
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Accounting
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 $ 651,000 $ 85,000 $ 137,000 $ 108,000 $ 48,000 $ 204,000 $ 222,000 Inventories Raw materials Work in process Finished goods Beginning of Year $ 8,400 $ 5,300 $ 70,000 End of Year $ 10,900 $ 20,800 $ 25,000 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 2. Prepare a schedule of cost of goods sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Goods available for sale Unadjusted cost of goods sold Adjusted cost of goods sold 3. Prepare an income statement. Mason Company Income Statement Selling and administrative expenses
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