Tesseract inc. launched a range of small toy cars which, became extremely popular within days of its release. customers queued up to buy the cars and stores ran out of stock rapidly. however, in a few months, demand for the product started to decline and the company soon discontinued production of the range. based on the product life cycle curve of the product, the product can be identified as a:

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.