The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: $ 71,000 121,000 Costs incurred: Direct labour cost Purchases of raw materials Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales salaries Rent, factory facilities Supplies Depreciation, office equipment Depreciation, factory equipment 30,500 6,100 91,000 910 51,000 24,500 4,700 3,600 21,500 Beginning of End of the Year the Year Inventories: Raw materials Work in process Finished goods $ 8,100 10,400 23,350 $ 16,600 5,250 38,200 Required: 1. Prepare a schedule of cost of goods manufactured in good form. MASON COMPANY Schedule of Cost of Goods Manufactured Direct materials: Purchase of raw materials Add: Purchase of raw materials 121,000 Raw materials available for use 121,000 Raw materials used in production $ 121,000 Manufacturing overhead: Total overhead costs Total manufacturing costs 121,000 121,000 Cost of goods manufactured $ 121,000 2. 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