Exercise 3-6 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 $ 655,000 80,000 $133,000 $ 101,000 50,000 $ 204,000 $ 223,000 Inventories Raw materials Work in process Finished goods Beginning Ending 8,200 10,700 $ 5,500 21,000 $74,000 25,800 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 Cost of Goods Sold 3. Prepare an income statement. Complete this question by entering your answers in the tabs below