![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.](https://d2vlcm61l7u1fs.cloudfront.net/media%2F7b6%2F7b659817-b711-4a72-9e3e-de5f6ae6bd4f%2FphpUx1HMT.png)
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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Question & Answer: Schedules of Cost of Goods Manufactured and Cost of Goods Sold: Income Statement The following d…..
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