Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] 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 Inventories Raw materials Work in process Finished goods Required: Ending $ 10,300 Beginning $8,800 $ 5,400 $ 80,000 $ 20,600 $25,700 $ 657,000 $82,000 $131,000 $ 107,000 $ 45,000 $225,000 $208,000 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. Answer is not complete. Complete this question by entering your answers in the tabs below. 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: Beginning raw materials inventory $ 8,800 Add: Purchases of raw materials Total raw materials available 131,000 139,800 Add: Ending raw materials inventory (10,100) Direct materials used in production $ 129,700 82,000 225,000 436,700 Total manufacturing costs added to production Total manufacturing costs to account for 873,400 873,400 Cost of goods manufactured Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Add: Ending finished goods inventory Adjusted cost of goods sold Add: Overapplied overhead Adjusted cost of goods sold 80,000 421,500x 501,500 (25,700) 475,800 17,000 $ 458,800 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement. Required 3 Sales Cost of goods sold Gross margin Mason Company Income Statement $ Selling and administrative expenses: Selling expenses Administrative expense Net operating income $ 107,000 45,000 657,000 458,800x 198,200 152,000 $ 46,200