[SOLVED] Question & Answer: Schedules of Cost of Goods Manufactured and Cost of Goods Sold

EXERCISE 2-11 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6] The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $524,000 $70,000 $118,000 $140,000 $63,000 $90,000 $80,000 Beginning of End of Inventories Raw materials Work in process Finished goods Year $7,000 $10,000 $20,000 Year $15,000 $5,000 $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 3. Prepare an income statement.

Schedules of Cost of Goods Manufactured and Cost of Goods Sold: Income Statement The following data from the just completed year are taken from the accounting records of Mason Company: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Prepare an income statement.

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Related: Managerial Finance – Learning Outcomes

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