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The following data from the just-completed year are taken from the accounting records of Mason Company:
The following data from the just-completed year are taken from the accounting records of Mason Company:Sales $658,000
Direct labor cost $87,000
Raw material purchases $133,000
Selling expenses $106,000
Administrative expenses $41,000
Manufacturing overhead applied to work in process $205,000
Actual manufacturing overhead costs $228,000
Inventories Beginning of Year End of Year
Raw materials $8,200 $10,100
Work in process $6,000 $20,700
Finished goods $79,000 $25,500
Required:
Prepare a schedule of the cost of goods manufactured. Assume all raw materials used in production were direct materials.
The cost of goodsmanufacturedfor Mason Company is $277,300.What is the schedule of the cost of goods manufactured?Raw materialsused in production:= Beginning raw materials inventory + Raw material purchases - Ending raw materials inventory= $8,200 + $133,000 - $10,100= $131,100Totalmanufacturing costs:= Direct labor cost + Manufacturing overhead applied to work in process= $87,000 + $205,000= $292,000Cost of goodsmanufactured:= Beginning work in process inventory + Total manufacturing costs - Ending work in process inventory= $6,000 + $292,000 - $20,700= $277,300.Read more aboutcost of goodbrainly.com/question/24561653#SPJ4...
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