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The following data from the just completed year are taken from the accounting records of...

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Accounting

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

Sales $ 652,000
Direct labor cost $ 81,000
Raw material purchases $ 133,000
Selling expenses $ 108,000
Administrative expenses $ 48,000
Manufacturing overhead applied to work in process $ 229,000
Actual manufacturing overhead costs $ 206,000

Inventories Beginning Ending
Raw materials $ 8,300 $ 10,000
Work in process $ 5,400 $ 20,800
Finished goods $ 74,000 $ 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.

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