If a company is listed on the Australian Stock Exchange and a shareholder fails to pay amounts owing on shares, the company will: transfer the unpaid amount to a forfeited share reserve that remains part of equity after the cost to reissue the shares has been deducted. transfer the unpaid amount to a forfeited share reserve and refund the amount remaining after the cost of reissuing the shares has been deducted. take action to collect the unpaid amount through the courts. transfer the unpaid amount to a forfeited share account and refund the amount remaining after the cost of reissuing the shares has been deducted

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.