Solution-Prepare a schedule of cost of goods sold

Prepare a schedule of cost of goods sold

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Reference no: EM133109021

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

Sales	$652,000
Direct labor cost	$83,000
Raw material purchases	$136,000
Selling expenses	$103,000
Administrative expenses	$46,000
Manufacturing overhead applied to work in process	$224,000
Actual manufacturing overhead costs	$207,000

Inventories	Beginning	Ending
Raw materials	$8,900	$10,600
Work in process	$5,600	$20,900
Finished goods	$77,000	$25,600

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.

Reference no: EM133109021

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Prepare a schedule of cost of goods sold

Reference no: EM133109021

Reference no: EM133109021

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