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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 $ 659,000
Direct labor cost $ 82,000
Raw material purchases $ 130,000
Selling expenses $ 106,000
Administrative expenses $ 50,000
Manufacturing overhead applied to work in process $ 224,000
Actual manufacturing overhead costs $ 204,000

Inventories Beginning Ending
Raw materials $ 9,000 $ 10,700
Work in process $ 5,200 $ 20,100
Finished goods $ 72,000 $ 25,700

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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