Mason Company provided the following data for this year:

Sales $ $654,000$

Direct labor cost $ $87,000$

Raw material purchases $ $137,000$

Selling expenses $ $104,000$

Administrative expenses $ $44,000$

Manufacturing overhead applied to work in process $ $230,000$

Actual manufacturing overhead costs $ $203,000$

Inventories Beginning Ending

Raw materials $ $8,300$ $ $10,200$

Work in process $ $5,500$ $ $20,400$

Finished goods $ $75,000$ $ $25,900$

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.