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 $651,000 $ 88,000 $139,000 $ 107,000 $ 50,000 $ 229,000 $210,000 Inventories Raw materials Work in process Finished goods Required: Beginning Ending $ 9,000 $ 10,900 $ 5,300 $ 20,700 $ 73,000 $ 25,400 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. Prev 3 of 9 Next > B z Q Q