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

Sales	$	651,000
Direct labor cost	$	90,000
Raw material purchases	$	139,000
Selling expenses	$	109,000
Administrative expenses	$	46,000
Manufacturing overhead applied to work in process	$	203,000
Actual manufacturing overhead costs	$	222,000

Inventories

Beginning of Year

End of Year

Raw materials

$

8,000

$

10,100

Work in process

$

5,500

$

20,500

Finished goods

$

70,000

$

25,500

Required:

1.

Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

2.

Prepare a schedule of cost of goods sold.

3.	Prepare an income statement.