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

Sales	$	650,000
Direct labor cost	$	87,000
Raw material purchases	$	130,000
Selling expenses	$	107,000
Administrative expenses	$	48,000
Manufacturing overhead applied to work in process	$	209,000
Actual manufacturing overhead costs	$	222,000

Inventories	Beginning		Ending
Raw materials	$	8,800	$	10,100
Work in process	$	5,200	$	20,400
Finished goods	$	74,000	$	25,700

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. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.

3. Prepare an income statement.

*** Can someone fix these mistakes

NOTE: Second problem there are two lines at the bottom that need to be filled with words and numbers. ty

Mason Company Schedule of Cost of Goods Manufactured Direct materials Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production irect labor anufacturing overhead 8,800 130,000 138,800 (10,100) $ 128,700 87,000 222,000 437,700 5,200 442,900 (20,400) $ 422,500 Total manufacturing costs Add: Beginning work in process inventory ess: E nding work in process inventory Cost of goods manufactured