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

Sales	$	325,000
Direct labor cost	$	43,500
Raw material purchases	$	68,000
Selling expenses	$	52,000
Administrative expenses	$	23,000
Actual manufacturing overhead costs	$	113,000

Inventories	Beginning		Ending
Raw materials	$	4,400	$	5,500
Work in process	$	3,000	$	10,400
Finished goods	$	39,000	$	12,950

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.

3. Prepare an income statement.