EXERCISE 2-5 Determining Cost of Goods Sold [LO5 - CC10; L06 - CC11, 12] The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: Costs incurred: Direct labour cost $ 70,000 Purchases of raw materials 180,000 Indirect labour 45,000 Maintenance, factory equipment 6,000 90,000 Advertising expense 1,900 Insurance, factory equipment 50,000 Sales salaries 24,000 Rent, factory facilities 3,600 Supplies 17,000 Depreciation, office equipment 4,500 Depreciation, factory equipment Beginning of the Year End of the Year Inventories: Raw materials $18,000 $12,500 Work in process 10,300 15,150 Finished goods 18,100 23.000 Required: 1. Prepare a schedule of cost of goods manufactured in good form. 2. Prepare the cost of goods sold section of Mason Company's income statement for the year