Exercise 3-11 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-6] 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 $ 524,000 $ 70,000 $ 118,000 $ 140,000 $ 63,000 $ 90,000 $ 80,000 Beginning End of Year Inventories Raw materials Work in process Finished goods of Year $ 7,000 $ 15,000 $10,000 $ 5,000 20,000 $ 35,000