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Business, 21.09.2019 00:20 helper55

The following data from the just completed year are taken from the accounting records of mason company: sales $ 524,000 direct labor cost $ 70,000 raw material purchases $ 118,000 selling expenses $ 140,000 administrative expenses $ 63,000 manufacturing overhead applied to work in process $ 90,000 actual manufacturing overhead costs $ 80,000 inventories beginning ending raw materials $ 7,000 $ 15,000 work in process $ 10,000 $ 5,000 finished goods $ 20,000 $ 35,000 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.

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