The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 654,000 Direct labor cost $ 81,000 Raw material purchases $ 140,000 Selling expenses $ 102,000 Administrative expenses $ 44,000 Manufacturing overhead applied to work in process $ 207,000 Actual manufacturing overhead costs $ 226,000 Inventories Beginning of Year End of Year Raw materials $ 8,800 $ 10,300 Work in process $ 5,700 $ 20,000 Finished goods $ 72,000 $ 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.

3.	Prepare an income statement.