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 $ 656,000 $ 85,000 135,000 108,000 $ 49,000 210,000 224,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,400 10,600 $ 5,300 20,600 $ 75,000 25,600 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