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

Sales	$	652,000
Direct labor cost	$	83,000
Raw material purchases	$	137,000
Selling expenses	$	104,000
Administrative expenses	$	43,000
Manufacturing overhead applied to work in process	$	202,000
Actual manufacturing overhead costs	$	223,000

Inventories	Beginning of Year		End of Year
Raw materials	$	8,200	$	10,100
Work in process	$	5,600	$	20,100
Finished goods	$	76,000	$	25,100

Required:

1.

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

MASON COMPANY

SCHEDULE OF COST OF GOODS MANUFACTURED

Direct materials
Beggings raw mater inven	x
x	x
raw materi avail for use
x	x
raw materi used in produc
x		x
direct labor		x
total manufact costs
add: beggin work in prog incven		x
x		x
cost of goods manufact		x

2. PREPARE A SCHEDULE OF COST GOODS SOLD

MASON COMPANY

SCHEDULE OF COST OF GOODS SOLD

Beg finished good inve	x
Add: cost of goods manufactured	x
Goods avail for sale	x
x	x
unadjusted cost of goods sold	x
x	x
adjusted cost of goods sold	x

3. PREPARE AN ICOME STATEMENT

MASON COMPANY

INCOME STATEMENT

x	x	x
x	x	x
x	x	x
selling & adminstrative expenses	x	x
x	x	x
x	x	x
x	x	x
x	x	x