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Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Ending $ Raw materials $ 8,100 10,900 Work in $ $ 5,100 process Finished goods 20,400 $ $ 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required Required Required 1 3 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: Total raw materials available Direct materials used in production $ 652,000 $ 88,000 $ 138,000 $ 105,000 $50,000 $ 227,000 $ 210,000 Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured < Required 1 0 0 Required 2 >

Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Ending $ Raw materials $ 8,100 10,900 Work in $ $ 5,100 process Finished goods 20,400 $ $ 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required Required Required 1 3 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: Total raw materials available Direct materials used in production $ 652,000 $ 88,000 $ 138,000 $ 105,000 $50,000 $ 227,000 $ 210,000 Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured < Required 1 0 0 Required 2 >

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
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Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Ending $ Raw materials $ 8,100 10,900 Work in $ $ 5,100 process Finished goods 20,400 $ $ 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 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: Total raw materials available $ 652,000 $ 88,000 $ 138,000 $ 105,000 $ 50,000 $ 227,000 $ 210,000 Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured < Required 1 Required 2 > 0 0
Transcribed Image Text:Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Ending $ Raw materials $ 8,100 10,900 Work in $ $ 5,100 process Finished goods 20,400 $ $ 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 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: Total raw materials available $ 652,000 $ 88,000 $ 138,000 $ 105,000 $ 50,000 $ 227,000 $ 210,000 Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured < Required 1 Required 2 > 0 0
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