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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 $ 658,000
Direct labor cost $ 87,000
Raw material purchases $ 133,000
Selling expenses $ 106,000
Administrative expenses $ 41,000
Manufacturing overhead applied to work in process $ 205,000
Actual manufacturing overhead costs $ 228,000

Inventories Beginning of Year End of Year
Raw materials $ 8,200 $ 10,100
Work in process $ 6,000 $ 20,700
Finished goods $ 79,000 $ 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.

3.

Prepare an income statement.

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