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Exercise 3-6 (Static) 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 expensen Administrative expensen Manufacturing overhead applied to work in proceso Actual manufacturing overhead costs $ 524.000 $ 70,000 $ 110,000 140,000 $ 63,000 $ 90,000 $ 30,000 Inventories Raw materials Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Ending $ 15,000 $5,000 $ 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 Required 1 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 55 Direct materials: Total raw materials available Direct materials used in production 0 Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured Required Required 2 > Required 3 Required 1 Required 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. Mason Company Schedule of Cost of Goods Sold Required 1 Required 2 Required 3 Required 3 Prepare an income statement Mason Company Income Statement Sales Cost of goods sold 0 Selling and administrative expenses: 0 $ 0