14 Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement (LO3-3) 17 Haints The following data from the just completed year are taken from the accounting records of Mason Company eBook lialen Direct labor cost Raw material purchases telling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead coate $ 650,000 80,000 $ 137,000 $ 105,000 5 48,000 $ 221,000 $ 206,000 Hint References Inventaries Raw materials Work in process Finished goods Beginning 58,700 $ 5,600 $ 79,000 Ending $ 10,700 $ 20,000 $ 25,800 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 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 Hint Required: 1. Prepare a schedule of cost of goods manufactured. Assume ali raw materials used in production were de materials 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to cart Goods Sold 3. Prepare an income statement 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 Selling and administrative expenses