Reference no: EM133031265

ACCT 225 - Managerial Accounting Assignment - Franklin University, USA

Question - The following data from the just completed year are taken from the accounting records of Mason Company:

Sales	$651,000
Direct labor cost	$86,000
Raw material purchases	$138,000
Selling expenses	$103,000
Administrative expenses	$43,000
Manufacturing overhead applied to work in process	$226,000
Actual manufacturing overhead costs	$209,000

 

Inventories	Beginning	Ending
Raw materials	$8,500	$10,500
Work in process	$5,000	$20,400
Finished goods	$71,000	$25,800

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.