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

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 incomestatement.

Sales Direct labor cost Raw material purchases Selling expenses. $524,000 $70,000 $118,000 .. Manufacturing overhead applied to work in process........ Actual manufacturing overhead costs $63,000 $90,000 $80,000 . Beginning of Year Inventories End of Year aterials. Work in process Finished goods $7,000 $10,000 $20,000 $15,000 $5,000 $35,000