Create and Design Instructions
Developing a personal financial plan demonstrates your ability to use money management skills and
strategies that will ensure a lifetime of financial success. In Chapter 1 you started the first step in
developing your financial plan by creating three short-, medium-, and long-term financial goals.
The next step in developing a personal financial plan is to understand where you are today financially by
assessing your current spending habits. Review the sample spending log and then complete the
spending log table below to determine how much money you spend each week.

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.