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The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases

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The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Ending $ 659,000 $ 81,000 $ 132,000 $ 101,000 $ 42,000 $ 225,000 $ 209,000 Beginning Raw materials $ 8,000 $ 10,500 Work in process $ 5,900 $ 20,100 Finished goods $ 75,000 $ 25,400 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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