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

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

Sales ..........................................................................$654000

Direct Labor cost .......................................................$84,000

Raw Material purchases............................................$133000

Selling Expenses........................................................$108000

Administrative Expenses...........................................$46,000

Manufacturing overhead applied to work in process$228000

Actual manufacturing overhead cost.........................$205000

Inventories                  Beginning                   Ending

Raw Material               8200                           10,600

Work in Process          5100                           20,600

Finished Goods         80,000                          25,000

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

2) Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied is closed to cost of goods sold.

3) Prepare an income statement .