Granite company purchased a machine costing $120,000, terms 1/10, n/30. the machine was shipped fob shipping point and freight charges were $2,000. the machine requires special mounting and wiring connections costing $10,000. when installing the machine, $1,300 in damages occurred. compute the cost recorded for this machine assuming granite paid within the discount period.

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.