Chapter 3 Homework #2 (LO 3) Saved Help Sa Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] 4.66 points The following data from the just completed year are taken from the accounting records of Mason Company: Skipped Sales 650, 000 $ 85,000 137,000 109,000 $ 47,000 209,000 227,000 Direct labor cost Raw material purchases eBook Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Hint Print References Inventories Beginning Ending $ 8,900 10,900 $ 5,900 20,200 $ 70,000 25,400 Raw materials Work in process Finished goods 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 1Required 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 Direct materials Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses 0 0 K Required 2 Required 3