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 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 $ 70,000 120,000 30,000 6,000 90,000 900 50,000 24,000 4,600 21,000 3,500 Inventories: Raw materials Work in process Finished goods Beginning of End of the Year the Year $ 8,000 $16,500 10,300 38,100 5,150 23,250 Required: 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: 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 manufactured 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