Tone loc and 89 of his biggest fans formed an s corporation, 2hit, inc., as the original ninety shareholders. tone then transferred some of his stock to his grandfather, four of tone's cousins, five of tone's children, three of tone's grandchildren, and 2 close friends. for the s corporation shareholder limit rules, how many shareholders does 2hit, inc. have?

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.