The following cost and inventory data arc taken from the accounting records of Mason Company for the year just completed:

Required:
1. Prepare a schedule of cost of goods manufactured.
2. Prepare the cost of goods sold section of Mason Company's income statement for the year.

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Costs incurred: Direct labor cost Purchases of raw materials $70,000 $118,000 Indirect labor $30,000 Maintenance, factory equipment $6,000 Advertising expense... $90,000 Insurance, factory equipment $800 Sales salaries $50,000 Rent, factory facilities $20,000 $4,200 Supplies Depreciation, office equipment Depreciation, factory equipment Inventories: $3,000 $19,000 Beginning of the Year End of the Year Raw materials $7,000 $15,000 Work in process $10,000 $5,000 Finished goods. $20,000 $35,000