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 $ 658,000 $82,000 $ 135,000 $ 108,00 $ 49,000 $ 201,000 $ 221,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,900 $ 5,200 $ 75,000 Ending $ 10,880 $ 20,500 $ 25,60 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materiais. 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. 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 al Goods Manufactured Direct materials Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured Require Required 2 > 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 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Redfoed 3 Prepare an income statement. Masion Company Income Statement 0 Selling and administrative expenses 0 $ D