The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 660,000 Direct labor cost $ 82,000 Raw material purchases $ 135,000 Selling expenses $ 106,000 Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Raw materials $8,500 Ending $ 10,300 $ 20,500 $25,200 $44,000 $ 227,000 $ 208,000 Work in process $ 5,900 Finished goods $73,000 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.
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 660,000 Direct labor cost $ 82,000 Raw material purchases $ 135,000 Selling expenses $ 106,000 Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Raw materials $8,500 Ending $ 10,300 $ 20,500 $25,200 $44,000 $ 227,000 $ 208,000 Work in process $ 5,900 Finished goods $73,000 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.
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 13E: Wyandotte Company provided the following information for the last calendar year: During the year,...
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