CH 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 $ 658, ege $82,800 $ 138,000 $ 14,000 $ 40,000 $ 228,000 $ 205,000 Inventaries Raw materials Work in process Finished goods Beginning $ 8,800 $ 5,400 $ 71.000 Ending $ 10,300 $ 20,300 $ 25,500 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 matertals. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory $ 5.400 nieart materiale 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 $ 5.400 Beginning work in process inventory Direct materials: Beginning raw materials inventory $ 8.800 Add: Purchases of raw materials Total raw materials available 138,000 146,800 (10.300) Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead 82,000 228,000 310,000 315,400 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured Red Required 2 > 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 Cos 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 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 $ 71,000 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 Less: Overapplied overhead Adjusted cost of goods sold 25,500 1. Prepare a schedule of cost of goods manufactured. Assume all raw matenats used in production were direct materiais. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Costo Goods Sold 3. Prepare an income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Rchuired 3 Prepare an income statement. Mason Company Income Statement 658.000 658,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expense $ 104,000 40,000 144,000 Net operating income 5 514,000