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 $ 657,000 $ 86,000 $ 132,000 $ 103,000 $ 40,000 $ 202,000 $ 222,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,900 $ 5,500 $ 78,000 Ending $ 10,500 $ 20,600 $ 25,600 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement
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