Business
Business, 09.10.2021 17:10, wolfgirl4762

The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 652,000 Direct labor cost $ 86,000 Raw material purchases $ 134,000 Selling expenses $ 109,000 Administrative expenses $ 49,000 Manufacturing overhead applied to work in process $ 221,000 Actual manufacturing overhead costs $ 210,000 Inventories Beginning Ending Raw materials $ 8,700 $ 10,300 Work in process $ 5,100 $ 20,000 Finished goods $ 72,000 $ 25,400 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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The following data from the just completed year are taken from the accounting records of Mason Compa...

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