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 $651, Direct labor cost Baterial purchases Selline expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ $ 144.0 1es. 000 45. 205,000 $ Inventories Raw materials Work in process Finished goods Beginning $ 8.00 $ 5,200 $ 22,000 Ending $ 10,500 $ 20, 100 $ 25,100 Required: 1. Prepare a schedule of cost of goods manufactured. Assume ai 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