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 Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 8,000 $ 5,800 $ 73,000 Ending $ 10,900 $ 20,800 $ 25,900 $654,000 $ 86,000 $ 133,000 $ 108,000 $ 43,000 $ 203,000 $ 230,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 8,000 $ 5,800 $ 73,000 Ending $ 10,900 $ 20,800 $ 25,900 $654,000 $ 86,000 $ 133,000 $ 108,000 $ 43,000 $ 203,000 $ 230,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
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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![Complete this question by entering your answers in the tabs below.
Required 1 Required 2
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
Raw materials used in production
Total manufacturing costs.
Cost of goods manufactured
Required 3.
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
Required 1 Required 2 Required 3
Prepare an income statement.
Complete this question by entering your answers in the tabs below.
Mason Company
Income Statement
Selling and administrative expenses.
< Required 1
< Required 2
Required 3 >
0
0
Required 3 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac69951b-8728-46ae-8bfb-4f439eaff53e%2F6e90f215-ebe9-4838-8a7c-71a7a4fe4f73%2Fwu062fl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required 1 Required 2
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
Raw materials used in production
Total manufacturing costs.
Cost of goods manufactured
Required 3.
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
Required 1 Required 2 Required 3
Prepare an income statement.
Complete this question by entering your answers in the tabs below.
Mason Company
Income Statement
Selling and administrative expenses.
< Required 1
< Required 2
Required 3 >
0
0
Required 3 >
![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
Manufacturing overhead applied to work in process
Actual manufacturing overhead costs
Inventories
Raw materials
Work in process
Finished goods
Beginning
$ 8,000
$ 5,800
$ 73,000
Required 1
Ending
$ 10,900
$ 20,800
$ 25,900
$654,000
86,000
$133,000
$ 108,000
$ 43,000
$ 203,000
$
230,000
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.
Required 2 Required 3
$
Complete this question by entering your answers in the tabs below.
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac69951b-8728-46ae-8bfb-4f439eaff53e%2F6e90f215-ebe9-4838-8a7c-71a7a4fe4f73%2Fspvx3sq_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
Manufacturing overhead applied to work in process
Actual manufacturing overhead costs
Inventories
Raw materials
Work in process
Finished goods
Beginning
$ 8,000
$ 5,800
$ 73,000
Required 1
Ending
$ 10,900
$ 20,800
$ 25,900
$654,000
86,000
$133,000
$ 108,000
$ 43,000
$ 203,000
$
230,000
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.
Required 2 Required 3
$
Complete this question by entering your answers in the tabs below.
Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
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