At a university faculty meeting, a proposal was made to increase health care benefits for new faculty to keep pace with the high cost of health care. True or False: In the long run, this increase in health care benefits will make faculty positions more attractive than other jobs. (Hint: Consider how the indifference principle applies to this occupation in the long run.)

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.