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 $ 658,000 $ 87,000 $ 137,000 $100,000 $ 41,000 $208,000 $ 221,000 Beginning End of Inventories Raw materials Work in process Finished goods Year of Year $ 8,400 $ 10,400 $ 5,300 $ 20,800 $ 80,000 $ 25,300