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Mason Company provided the following data for this year: Sales $ 654,000 ...

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Accounting

Mason Company provided the following data for this year:
Sales $ 654,000
Direct labor cost $ 87,000
Raw material purchases $ 137,000
Selling expenses $ 104,000
Administrative expenses $ 44,000
Manufacturing overhead applied to work in process $ 230,000
Actual manufacturing overhead costs $ 203,000
Inventories Beginning Ending
Raw materials $ 8,300 $ 10,200
Work in process $ 5,500 $ 20,400
Finished goods $ 75,000 $ 25,900
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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