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		120,000
Indirect labour		30,000
Maintenance, factory equipment		6,000
Advertising expense		90,000
Insurance, factory equipment		900
Sales salaries		50,000
Rent, factory facilities		24,000
Supplies		4,600
Depreciation, office equipment		21,000
Depreciation, factory equipment		3,500

	Beginning of the Year				End of the Year
Inventories:
Raw materials	$	8,000			$	16,500
Work in process		10,300				5,150
Finished goods		38,100				23,250

Required:

1. Prepare a schedule of cost of goods manufactured.

2. Prepare the cost of goods sold section of Mason Companys income statement for the year.