The following data from the just completed year are taken fr

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 $ 656,000 $ 98,8e0 135,000 $ 100,006 $ 41,8ee s 216,8ee $ 230,090 Inventories Raw materials Work in process Finished goods $ 8,600 10,500 $ 6,000 20,600 $ 75,000 25,800 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. uour answers in the tabs below

Solution

1 : Schedule of Cost of Goods Manufactured :

2) Schedule of Cost of Goods Sold :

3. Income Statement :

Raw Material:
OB	$8600
add: Purchases	135000
total RM available	143600
less: CB	10500
DM used		$133100
DL used		90000
Manufacturing OH applied		210000
Total Manufacturing costs		433100
Add: opening WIP		6000
Total cost of WIP		439100
Less: closing WIP		20600
Cost of Goods Manufactured		418500