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 $ 654,000 Direct labor cost $ 87,000 Raw material purchases $ 136,000 Selling expenses $ 109,000 Administrative expenses $ 40,000 Manufacturing overhead applied to work in process $ 221,000 Actual manufacturing overhead costs $ 208,000 Inventories Beginning Ending Raw materials $ 8,600 $ 10,100 Work in process $ 5,900 $ 20,700 Finished goods $ 70,000 $ 25,200 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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