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 Actual Manufacturing Overhead Costs $223,000 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.