Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement

Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement
  Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement (LO3-3] The following data from the just completed year are taken from the accounting records of Mason Company Sales $ 650,000 Direct labor cost $ 82.000 Raw material purchase $ 135,000 Selling expenses $ 105,000 Administrative expenses $ 49,000 Manufacturing overhead applied to work in process $ 226.000 Actual manufacturing overhead coats $ 202.000 Inventories Raw materini Work in proces Pinished food Beginning $ 8.700 $ 5.200 $77.000 Ending $ 10.900 $ 20.500 $ 25,800 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 overappled overhead is closed to Cost of Goods Sold 3. Prepare an income statement Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. $ 5,200 Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials Beginning raw materials inventory $ 8,700 Add: Purchases of raw materials 135,000 Total raw materials available Less: Ending raw materials inventory 10.900 Direct materials used in production Direct labor Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less Ending work in process inventory Cost of goods manufactured 0 5,200 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Overapplied overhead Adjusted cost of goods sold Required 3 > < required="" 1="" complete="" this="" question="" by="" entering="" your="" answers="" in="" the="" tabs="" below.="" required="" 1="" required="" 2="" required="" 3="" prepare="" an="" income="" statement.="" $="" 657,000="" 657,000="" mason="" company="" income="" statement="" sales="" cost="" of="" goods="" sold="" gross="" loss="" selling="" and="" administrative="" expenses:="" selling="" expenses="" administrative="" expense="" selling="" expenses="" net="" operating="" income="" 0="" $="" 657,000="">< required="" 2="" required=""> May 16 2022 03:09 PM