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

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.

Sales	$ 655,000
Direct labor cost	$ 86,000
Raw material purchases	$ 131,000
Selling expenses	$ 106,000
Administrative expenses	$ 44,000
Manufacturing overhead applied to work in process	$ 222,000
Actual manufacturing overhead costs	$ 208,000

Inventories	Beginning	Ending
Raw materials	$ 8,900	$ 10,100
Work in process	$ 5,800	$ 20,200
Finished goods	$ 71,000	$ 25,300