The following data from the just completed year are taken from the accounting records of Mason Company:
Sales $ 654,000 Direct labor cost $ 82,000 Raw material purchases $ 133,000 Selling expenses $ 101,000 Administrative expenses $ 47,000 Manufacturing overhead applied to work in process $ 210,000 Actual manufacturing overhead costs $ 225,000
Inventories Beginning
of Year End of
Year Raw materials $ 8,500 $ 10,100 Work in process $ 5,700 $ 20,300 Finished goods $ 74,000 $ 25,700
Required:
1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
| The following data from the just completed year are taken from the accounting records of Mason Company: |
| Sales | $ | 654,000 |
| Direct labor cost | $ | 82,000 |
| Raw material purchases | $ | 133,000 |
| Selling expenses | $ | 101,000 |
| Administrative expenses | $ | 47,000 |
| Manufacturing overhead applied to work in process | $ | 210,000 |
| Actual manufacturing overhead costs | $ | 225,000 |
| Inventories | Beginning of Year | End of Year | ||
| Raw materials | $ | 8,500 | $ | 10,100 |
| Work in process | $ | 5,700 | $ | 20,300 |
| Finished goods | $ | 74,000 | $ | 25,700 |
| Required: |
| 1. | Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. |
Related questions
| The following data from the just completed year are taken from the accounting records of Mason Company: |
| Sales | $ | 652,000 |
| Direct labor cost | $ | 83,000 |
| Raw material purchases | $ | 137,000 |
| Selling expenses | $ | 104,000 |
| Administrative expenses | $ | 43,000 |
| Manufacturing overhead applied to work in process | $ | 202,000 |
| Actual manufacturing overhead costs | $ | 223,000 |
| Inventories | Beginning of Year | End of Year | ||
| Raw materials | $ | 8,200 | $ | 10,100 |
| Work in process | $ | 5,600 | $ | 20,100 |
| Finished goods | $ | 76,000 | $ | 25,100 |
| 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
2. PREPARE A SCHEDULE OF COST GOODS SOLD MASON COMPANY SCHEDULE OF COST OF GOODS SOLD
3. PREPARE AN ICOME STATEMENT MASON COMPANY INCOME STATEMENT
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The following data from the just completed yearare taken from the accounting records of Eccles Company:
| Sales | $ | 643,000 |
| Direct labor cost | $ | 90,000 |
| Raw material purchases | $ | 132,000 |
| Selling expenses | $ | 100,000 |
| Administrative expenses | $ | 43,000 |
| Manufacturing overhead applied to work inprocess | $ | 210,000 |
| Actual manufacturing overhead costs | $ | 220,000 |
| Inventories: | Beginning of Year | End of Year | ||
| Raw materials | $ | 8,000 | $ | 10,000 |
| Work in process | $ | 5,000 | $ | 20,000 |
| Finished goods | $ | 70,000 | $ | 25,000 |
| Required: |
| 1. | Prepare a schedule of cost of goodsmanufactured. Assume all raw materials used in production weredirect materials. |
