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The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 651,000 Direct labor cost $ 85,000

The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 651,000 Direct labor cost $ 85,000 Raw material purchases $ 138,000 Selling expenses $ 105,000 Administrative expenses $ 46,000 Manufacturing overhead applied to work in process $ 226,000 Actual manufacturing overhead costs $ 206,000 Inventories Beginning Ending Raw materials $ 8,500 $ 10,200 Work in process $ 5,400 $ 20,400 Finished goods $ 79,000 $ 25,100

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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