New York Production Company uses the indirect method to prepare its statement of cash flows. The Treasury Stock account had a debit balance of at the beginning of the year and a debit balance of at the end of the year. No treasury stock was sold during the year. The financing section of the statement of cash flows will show a positive cash flow of for the buyback of treasury stock. A. True
B. False

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.