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

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The following data from the just completed year are taken from the accounting records of Mason Company: 651,000 $ 82,000 $136,000 102,000 $ 42,000 208,000 $ 229,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning 8,700 5,300 $ 80,000 Ending $ 10,800 $ 20,200 $ 25,500 Raw materials Work in process Finished goods 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 Mason Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured Mason Company Schedule of Cost of Goods Sold Mason Company Income Statement Selling and administrative expenses:

Tanmoy · Accepted Answer

MASON COMPANY
Table of Contents
Introduction	3
Analysis	3
Conclusion	4
References	5
Introduction
The cost of goods manufactured schedule helps in reporting the total manufacturing expenses for the period which were added to the work-in-progress and is used for adjusting the costs due to the changes in the work-in-process inventory account for calculating the cost of goods produced by Mason Company (Cliffs Notes, 2022). In this report we will also prepare a schedule of the cost of goods which are being sold by the company. Finally, we will also prepare an Income Statement of the Mason Company which will help us to generate the Net Operating Income of the company.

The following data from the just completed year are taken from the accounting records of Mason Company: 651,000 $ 82,000 $136,000 102,000 $ 42,000 208,000 $ 229,000 Sales Direct labor cost Raw...

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