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

Costs incurred:
Direct labor cost	$	80,000
Purchases of raw materials	$	137,000
Manufacturing overhead	$	204,000
Advertising expense	$	49,000
Sales salaries	$	104,000
Depreciation, office equipment	$	225,000

Beginning of the Year

End of the Year

Inventories:

Raw materials

$

8,200

$

10,300

Work in process

$

5,300

$

20,300

Finished goods

$

72,000

$

25,300

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

MASON COMPANY Schedule of Cost of Goods Sold Beginning finished goods inventory Goods available for sale Cost of goods sold