The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 524,000 Direct labor cost $ 70,000 Raw material purchases $ 118,000 Selling expenses $ 140,000 Administrative expenses $ 63,000 Manufacturing overhead applied to work in process $ 90,000 Actual manufacturing overhead costs $ 80,000 Inventories Beginning of Year End of Year Raw materials $ 7,000 $ 15,000 Work in process $ 10,000 $ 5,000 Finished goods $ 20,000 $ 35,000

prepare an income statement