1 The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 656,000 $ 87,000 $ 136,000 $ 106,000 $ 49,000 $ 229,000 $ 200,000 Book Hint Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,000 $ 72,000 Ending $ 10,600 $ 20,500 $ 25,300 Print Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold 3. Prepare an income statement. rences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in produ $ $ 5,000 Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory $ 8,400 Add: Purchases of raw materials 136,000 Total raw materials available 144,400 Less: Ending raw materials inventory 10,600 Direct materials used in production Direct labor Manufacturing overhead 87,000 229,000 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 316,000 321,000 20,500 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapp of Goods Sold. Mason Company Schedule of Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement 0 Selling and administrative expenses: 0 $ 0