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 Direet labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process90,000 Actual manufacturing overhead costs $524,000 $ 70,000 $118,000 $140,000 63,000 80,000 Raw materiale Work in process Piniahed gooda 7,000 15,000 10,0005,000 20,000 35,000 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