To automate one of its production processes, the Milwaukee Corporation bought three flexible manufacturing cells at a price of $470 comma 000 each. When they were delivered, Milwaukee paid freight charges of $30 comma 000 and handling fees of $16 comma 000. Site preparation for these cells cost $39 comma 000. Four foremen, each earning $29 an hour, worked five 40-hour weeks to set up and test the manufacturing cells. Special wiring and other materials applicable to the new manufacturing cells cost $3 comma 600. Determine the cost basis (amount to be capitalized) for these cells

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.