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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 Beginning $ 8,500 Ending $10,600 $ 5,700 $ 20,900 Raw materials Work in process $ 80,000 $ 25,300 $ 653,000 $ 81,000 $ 137,000 $ 101,000 $ 44,000 $ 222,000 $ 207,000 Finished goods 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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