Following cost and inventory data are taken from the accounting records of Mason Company for the year just completed:
Costs incurred:
Direct labor cost................. $70,000
Purchases of raw materials.......$118,000
Manufacuturing overhead ........$80,000
Advertising expense...............$90,000
Sales salaries ...............$50,000
Depreciation, office equipment.......$3,000
Inventories:
Prepare a schedule of cost of goods manufactured
Prepare the cost of goods sold section of Mason company's income statement of the year