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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 retual manufacturing overhead costs $ 653,000 $84.000 $ 139,000 $ 105,000 $ 44,000 $ 221,000 $ 200,000 Inventaries Raw materials Work in process Tinished goods Beginning $8.200 $ 5,200 $ 74,000 Ending $ 10,500 $ 20,500 $ 25,100 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 Required 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 of Goods Manufactured Beginning work in process inventory $ 5,200 Direct materials: Beginning raw materials inventory $ 8,200 Less Ending raw materials inventory 8 10,600 Total raw materials available 147,200 Add: Purchases of raw materials 3 139,000 Direct materials used in production $ 136,600 Direct labor 84,000 Manufacturing overhead 221,000 OO Total manufacturing costs added to production Total manufacturing costs to account for Less Ending work in process inventory Cost of goods manufactured 441,600 446,800 20,500 $426,300 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. 3 Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Overapplied overhead Adjusted cost of goods sold 00 74,000 426,300 500,300 25,100 475,200 221,000 X $ 462,200