Sheaves corporation economists estimate that a good business environment and a bad business environment are equally likely for the coming year. management must choose between two mutually exclusive projects. assume that the project chosen will be the firm’s only activity and that the firm will close one year from today. the firm is obligated to make a $5,200 payment to bondholders at the end of the year. the projects have the same systematic risk, but different volatilities. consider the following information pertaining to the two projects:

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.