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

Sales	$	660,000
Direct labor cost	$	82,000
Raw material purchases	$	134,000
Selling expenses	$	105,000
Administrative expenses	$	47,000
Manufacturing overhead applied to work in process	$	222,000
Actual manufacturing overhead costs	$	201,000

Inventories	Beginning		Ending
Raw materials	$	8,800	$	10,800
Work in process	$	5,100	$	20,600
Finished goods	$	71,000	$	25,500

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. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.

3. Prepare an income statement.

Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in pro Mason Company Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory $ 8,800 Add: Purchases of raw materials 134,000 Total raw materials available 142,800 Less: Ending raw materials inventory 10,800 Direct materials used in production $ 132,000 Direct labor 82,000 Manufacturing overhead 222,000 Work in process 436,000 436,000 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 20,600 $ 416,000