The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses $657,000 $84,000 $138,000 $102,000 $47,000 Manufacturing overhead applied to work in process $205,000 Actual manufacturing overhead costs $220,000 Inventories Beginning of Year End of Year Raw materials $8,500 $10,200 Work in process $5,200 $20,500 $25,100 Finished goods $78,000 Required: a. Prepare a schedule of the cost of goods manufactured. Assume all raw materials used in production were direct materials. b. Prepare a schedule of the cost of goods sold. c. Prepare an income statement.
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses $657,000 $84,000 $138,000 $102,000 $47,000 Manufacturing overhead applied to work in process $205,000 Actual manufacturing overhead costs $220,000 Inventories Beginning of Year End of Year Raw materials $8,500 $10,200 Work in process $5,200 $20,500 $25,100 Finished goods $78,000 Required: a. Prepare a schedule of the cost of goods manufactured. Assume all raw materials used in production were direct materials. b. Prepare a schedule of the cost of goods sold. c. Prepare an income statement.
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...
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![The following data from the just completed year are taken from the accounting records of Mason
Company:
Sales
Direct labor cost
Raw material purchases
Selling expenses
Administrative expenses
$657,000
$84,000
$138,000
$102,000
$47,000
Manufacturing overhead applied to work in process $205,000
Actual manufacturing overhead costs
$220,000
Inventories
Beginning of Year End of Year
Raw materials
$8,500
$10,200
Work in process $5,200
$20,500
$25,100
Finished goods $78,000
Required:
a. Prepare a schedule of the cost of goods manufactured. Assume all raw materials used in
production were direct materials.
b. Prepare a schedule of the cost of goods sold.
c. Prepare an income statement.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbe5717b1-3016-4d21-8170-de55a8ae1f6b%2F50034880-ffc0-4ffd-ac70-f7c296587400%2F1kfubt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following data from the just completed year are taken from the accounting records of Mason
Company:
Sales
Direct labor cost
Raw material purchases
Selling expenses
Administrative expenses
$657,000
$84,000
$138,000
$102,000
$47,000
Manufacturing overhead applied to work in process $205,000
Actual manufacturing overhead costs
$220,000
Inventories
Beginning of Year End of Year
Raw materials
$8,500
$10,200
Work in process $5,200
$20,500
$25,100
Finished goods $78,000
Required:
a. Prepare a schedule of the cost of goods manufactured. Assume all raw materials used in
production were direct materials.
b. Prepare a schedule of the cost of goods sold.
c. Prepare an income statement.
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