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

Sales	$ 655,000
Direct labor cost	$ 83,000
Raw material purchases	$ 138,000
Selling expenses	$ 107,000
Administrative expenses	$ 43,000
Manufacturing overhead applied to work in process	$ 221,000
Actual manufacturing overhead costs	$ 207,000

Inventories	Beginning	Ending
Raw materials	$ 8,500	$ 10,900
Work in process	$ 5,600	$ 20,300
Finished goods	$ 75,000	$ 25,600

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.

1-Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

Mason Company
Schedule of Cost of Goods Manufactured
Beginning work in process inventoryselected answer correct			not attempted
Direct materials:
Beginning raw materials inventoryselected answer correct	not attempted
Add: Purchases of raw materialsselected answer correct	not attempted
Total raw materials available	not attempted
not attempted	not attempted
Direct materials used in production		not attempted
not attempted	not attempted	not attempted
not attempted	not attempted	not attempted
not attempted	not attempted	not attempted
Total manufacturing costs added to production			0
Total manufacturing costs to account for			0
Less: Ending work in process inventoryselected answer correct			not attempted
Cost of goods manufactured			not attempted

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.

Mason Company
Schedule of Cost of Goods Sold
not attempted	not attempted

3-Prepare an income statement.

Mason Company
Income Statement
not attempted		not attempted
not attempted		not attempted
not attempted		0
Selling and administrative expenses:
not attempted	not attempted
not attempted	not attempted
not attempted	not attempted	0
not attempted		$0