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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 Raw materials Beginning Ending $ 8,400 $ 10,300 $ 655,000 $ 84,000 $ 132,000 $ 104,000 $ 49,000 $ 224,000 $ 207,000 Work in process $ 5,600 $ 21,000 Finished goods $ 73,000 $ 25,300 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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