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 $ 656,000 $ 81,000 $ 135,000 $ 101,000 $ 42,000 $ 228,000 $ 207,000 Inventories Raw materials Work in process Finished goods Required: 1. Prepare a schedule of cost 2. Prepare a schedule of cost Goods Sold Beginning $ 8,400 $ 5,200 $ 75,000 Ending $ 10,300 $ 20,800 $ 25,700 of goods manufactured. Assume all raw materials used in production were direct materials. of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of