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Mason Corporation began operations at the beginning of the current year. One of the companys...

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Accounting

Mason Corporation began operations at the beginning of the current year. One of the companys products, a refrigeration element, sells for $205 per unit. Information related to the current years activities follows.

Variable costs per unit:
Direct material $ 15
Direct labor 36
Manufacturing overhead 46
Annual fixed costs:
Manufacturing overhead $ 600,000
Selling and administrative 860,000
Production and sales activity:
Production (units) 24,000
Sales (units) 20,000

Mason carries its finished goods inventory at the average unit cost of production and is subject to a 30 percent income tax rate. There was no work in process at year-end.

2. Compute Masons net income for the current year ended December 31.

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