Mason Company provided the following data for this year:

Sales

Direct labor cost

Raw material purchases

Selling expenses

Administrative expenses

Manufacturing overhead applied to work in process

Actual manufacturing overhead costs

$$655,000$

$$90,000$

$$135,000$

$$106,000$

$$48,000$

$$224,000$

$$208,000$

Inventories

Raw materials

Work in process

Finished goods

Required:

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. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods

Sold.

Prepare an income statement.

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