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 eee $ 84, ove $ 136,000 $ 197,000 $ 46,000 $ 227,000 $ 298,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,000 $ 5,300 $ 77,990 Ending $ 10, 200 $ 20,500 $ 25,00 Required: 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 co Goods Sold 3. Prepare an income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 Beginning work in process inventory Direct materials Beginning raw materials inventory S 8.000 Add: Purchases of raw materials 136.000 Total raw materials available 14