During 20x5, haft co. became involved in a tax dispute with the irs. at december 31, 20x5, haft’s tax advisor believed that an unfavorable outcome was probable. a reasonable estimate of additional taxes was $200,000 but could be as much as $300,000. after the 20x5 financial statements were issued, haft received and accepted an irs settlement offer of $275,000. what amount of accrued liability should haft have reported in its december 31, 20x5 balance sheet?

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.