ASAP!! Please answer these questions correctly

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 $ 657,000 $ 86,600 $ 136,000 $ 105,000 $ 41,000 $ 221,000 $ 206,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,700 $ 5,800 $ 79,800 Ending $ 10,000 $ 20,300 $ 25, 100 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 a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured S 8.700 136.000 144,700 10,000 S 134,700 Direct materials Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead Work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 86,000 221,000 58,000 499,700 499,700 20,300 S 421,400 Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold $ 79,000 Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold X00 421,400 X 500,400 X 25,100 475,300 X (15,000) $ 460,300 Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement $ 657,000 460,300 X 196,700 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expense Depreciation expense Net operating income $ 105,000 41,000 146,000 50,700 $