Oaktree company purchased new equipment and made the following expenditures:

purchase price $ 59,000 sales tax 3,600 freight charges for shipment of equipment 840 insurance on the equipment for the first year 1,040 installation of equipment 2,400
the equipment, including sales tax, was purchased on open account, with payment due in 30 days. the other expenditures listed above were paid in cash. required:
prepare the necessary journal entries to record the above expenditures.

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.