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 $653,000 $ 82,000 $ 139,000 $ 109,000 Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $48,000 $ 200,000 $ 223,000 Beginning 8,400 $ 5,300 $ 72,000 Ending $ 10,100 20,700 $ 25,000 Inventories Raw materials S Work in process Finished goods 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