The following information and financial statements excerpts pertain to liquidity, inc. all short term investments (securities available for sale) were purchased on 12/31/18 and sold during 2019. the company entered a lease agreement on 12/31/19. fixed assets with a net book value of $15 were sold during the year. the company repaid the current portion of long-term debt during the year. dividend was declared and partially paid.

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.