The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed:

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 180, 000 Indirect labour 45, 000 Maintenance, factory equipment 6, 000 Advertising expense 90, 000 Insurance, factory equipment 1, 900 Sales salaries 50,000 Rent, factory facilities 24,000 Supplies 3, 600 Depreciation, office equipment 17, 000 Depreciation, factory equipment 4, 500 Beginning of End of the Year the Year Inventories: Raw materials $ 18, 000 $12, 500 Work in process 10, 300 15 , 150 Finished goods 18, 100 23,000Required: 1. Prepare a schedule of cost of goods manufactured. MASON COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials available for use Raw materials used in production Manufacturing overhead: Total overhead costs Total manufacturing costs Total work in process inventory Cost of goods manufactured2. Prepare the cost of goods sold section of Mason Company's income statement for the year. MASON COMPANY Income Statement (Partial) For the year just completed Goods available for sale Cost of goods sold