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Mason Company provided the following data for this year: Sales $...

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Accounting

Mason Company provided the following data for this year:
Sales $ 658,000
Direct labor cost $ 85,000
Raw material purchases $ 132,000
Selling expenses $ 101,000
Administrative expenses $ 42,000
Manufacturing overhead applied to work in process $ 221,000
Actual manufacturing overhead costs $ 205,000
Inventories Beginning Ending
Raw materials $ 8,000 $ 10,500
Work in process $ 5,800 $ 20,300
Finished goods $ 79,000 $ 25,100
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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
Prepare an income statement.

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