Document1 View Layout References Mailings Review A A Aa A A OV * ADA A E 1 E S 21 varv Styles Styles Pane The following data from the just completed year are taken from the accounting records of Mason Company: Sales $651,000 Direct labor cost $85,000 Raw material purchases $140,000 Selling expenses $102,000 Administrative expenses $41,000 Manufacturing overhead applied to work in process$203,000 Actual manufacturing overhead costs $225,000 Inventories BeginningEnding Raw materials $8,900 $10,200 Work in process$5,300 $20,600 Finished goods $76,000 $25,600 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