Reference no: EM132486746

The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed:

Costs incurred:
Direct labor cost	$	85,000
Purchases of raw materials	$	130,000
Manufacturing overhead	$	203,000
Advertising expense	$	41,000
Sales salaries	$	104,000
Depreciation, office equipment	$	229,000

	Beginning of the Year			End of the Year
Inventories:
Raw materials	$	8,700		$	10,100
Work in process	$	5,900		$	20,300
Finished goods	$	78,000		$	25,300

Required:

Question 1. Prepare a schedule of cost of goods manufactured.

Question 2. Prepare the cost of goods sold section of Mason Company's income statement for the year.

Item2

Arden Company reported the following costs and expenses for the most recent month:

Direct materials	$	85,000
Direct labor	$	47,000
Manufacturing overhead	$	24,000
Selling expenses	$	27,000
Administrative expenses	$	40,000

Required:

Question 1. What is the total amount of product costs?

Question 2. What is the total amount of period costs?

Question 3. What is the total amount of conversion costs?

Question 4. What is the total amount of prime costs?