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

Sales	$655,000
Direct Labor Cost	$80,000
Raw Material Purchases	$133,000
Selling Expenses	$101,000
Administrative Expenses	$50,000
Inventories	Beginning	Ending
Raw Materials	$8,200	$10,700
Work in Progress	$5,500	$21,000
Finished Goods	$74,000	$25,800

Prepare a Cost Statement and Income Statement for the year for Mason Company.