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Business, 15.04.2020 03:19 brandonkelly104
The following data from the just completed year are taken from the accounting records of Mason Company: Sales$658,000 Direct labor cost$83,000 Raw material purchases$135,000 Selling expenses$106,000 Administrative expenses$46,000 Manufacturing overhead applied to work in process$202,000 Actual manufacturing overhead costs$224,000 Raw materials$8,800$10,200 Work in process$5,900$20,500 Finished goods$74,000$25,100 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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The following data from the just completed year are taken from the accounting records of Mason Compa...
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