EXERCISE 2-11 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income TAKE TWO Statement [LO2-6] The following data from the just completed year are taken from the accounting records of Mason Company: aterial $8,000; Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs. $524,000 $70,000 $118,000 $140,000 $63,000 $90,000 $80,000 ork in process $16,000 .. Beginning of Year $7,000 $10,000 $20,000 End of Inventories Raw materials . Work in process Finished goods Year $15,000 $5,000 $35,000 .. Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were 2. 3. direct materials. Prepare a schedule of cost of goods sold. Prepare an income statement