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

1. Prepare a schedule of cost of goods sold.

2. Prepare an income statement

Sales	$	656,000
Direct labor cost	$	86,000
Raw material purchases	$	136,000
Selling expenses	$	109,000
Administrative expenses	$	49,000
Manufacturing overhead applied to work in process	$	202,000
Actual manufacturing overhead costs	$	226,000

Inventories	Beginning of Year	End of Year
Raw materials	$	8,900	$	10,900
Work in process	$	6,000	$	20,100
Finished goods	$	76,000	$	25,900