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

Sales

Direct labor cost

Raw material purchases

Selling expenses

Administrative expenses

Manufacturing overhead applied to work in process

Actual manufacturing overhead costs

$$658,000$

$$88,000$

$$132,000$

$$106,000$

$$49,000$

$$222,000$

$$207,000$

Required:

Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of

Goods Sold.

Prepare an income statement.

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Prepare an income statement.