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The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 6 5 3 , 0 0

The following data from the just completed year are taken from the accounting records of Mason Company:
Sales $ 653,000
Direct labor cost $ 89,000
Raw material purchases $ 138,000
Selling expenses $ 109,000
Administrative expenses $ 42,000
Manufacturing overhead applied to work in process $ 224,000
Actual manufacturing overhead costs $ 207,000
Inventories Beginning Ending
Raw materials $ 8,200 $ 10,300
Work in process $ 6,000 $ 20,000
Finished goods $ 73,000 $ 25,100
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.

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