The following data from the just completed year are taken from the accounting records of Mason Company:

Sales $ $659,000$

Direct labor cost $ $90,000$

Raw material purchases $ $131,000$

Selling expenses $ $107,000$

Administrative expenses $ $49,000$

Manufacturing overhead applied to work in process $ $229,000$

Actual manufacturing overhead costs $ $204,000$

Inventories Beginning Ending

Raw materials $ $8,900$ $ $10,300$

Work in process $ $5,400$ $ $20,800$

Finished goods $ $70,000$ $ $25,200$

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.Required:

Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.

Prepare an income statement.

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Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

$\backslash$table$[[$Mason Company,,$],[,,,],[$Direct materials:,,,$],[,,,],[,,,],[$Total raw materials available,,,$],[,,,],[$Direct materials used in production,,,$],[,,,],[,,,],[$Total manufacturing costs added to production,,,$],[$Total manufacturing costs to account for,,,$],[,,,],[$Cost of goods manufactured,,,$]]$ Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold and Prepare an income statement.