Scedule of COGM

Scedule of COGS

Income statement

Thanks!

The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost $ 651,000 $ 84,000 $ 134,000 Raw material purchases Selling expenses $ 105,000 Administrative expenses $ 46,000 $ 222,000 Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 206,000 Ending Inventories Raw materials Beginning. $ 8,100 $ 10,900 $ 5,700 $ 20,000 Work in process Finished goods $ 78,000 $ 25,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement