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Natali5045456 [20]
2 years ago
11

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

Business
1 answer:
Nuetrik [128]2 years ago
5 0

Answer:

Mason Company

a) Schedule of Cost of Goods Manufactured:

Direct labor cost                        $80,000

Raw material purchases          $135,000

Manufacturing overhead

applied to work in process     $201,000

Cost of goods manufactured $416,000

b) Schedule of Cost of Goods Sold:

Cost of goods manufactured $416,000

Under-applied overhead            21,000

Cost of goods sold                $437,000

c) Income Statement:

Sales                                $656,000

Cost of goods sold          $437,000

Gross profit                      $219,000

Selling expenses            $105,000

Administrative expenses  $41,000

Total expenses               $146,000

Net income                       $73,000

Explanation:

a) Data and Calculations:

Sales                                $656,000

Direct labor cost                $80,000

Raw material purchases $135,000

Selling expenses            $105,000

Administrative expenses $41,000

Manufacturing overhead

applied to work in process $201,000

Actual manufacturing

overhead costs                  $222,000

Under-applied overhead    $21,000 ($222,000 - $201,000)

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