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

Question:

The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $651,000$ 88,000 $134,000$ 105,000 $43,000$ 205,000 $221,000 Inventories Raw materials Work in process Finished goods Beginning$ 8,800 $5,400$ 74,000 Ending $10,100$ 20,500 \$ 25, 200 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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