Prepare an Income Statement The following data from the just completed year are taken from the accounting records of Mason Company: Question Data Sales $ 658,000 Direct labor cost $ 88,000 Raw material purchases $ 139,000 Selling expenses $ 105,000 Administrative expenses $ 41,000 Manufacturing overhead applied to work in process $ 204,000 Actual manufacturing overhead costs $ 228,000 Inventory Inventories Beginning of Year End of Year Raw materials $ 8,500 $ 10,300 Work in process $ 5,400 $ 20,200 Finished goods $ 75,000 $ 25,600 What is the DM used? What is the COGM? What is the adjusted COGS? What is the Net Income? Hint: Review the cost flow schedule notes and look at the DM. COGM. COGS, & Net Income Example located in the module. Enter your answers as whole numbers, don't include any cents. Previous