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Prepare a schedule of cost of goods sold

Assignment Help Managerial Accounting
Reference no: EM132507222

The following data from the just completed year are taken from the accounting records of Mason Company
Sales
Direct labor cost              $ 658, 000

Raw material purchases           $ 82,000

Selling expenses                       $ 134, 000

Administrative expenses                 $ 105, 000

Manufacturing overhead applied to work in process     $ 49,000
Actual manufacturing overhead costs                       $ 201, 000
Scored                                                              $ 228, 000
Inventories
                                             Beginning                       Ending
Raw materials             $ 10, 600
Work in process              $ 8, 500                  $ 5,000
Book                             $ 20, 800
Finished goods                  $ 78, 000            $ 25, 100

Required:

Question 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct

Question 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead Goods Sold.

Question 3. Prepare an income statement.

Reference no: EM132507222

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