II. The following data from the just completed year are taken from the accounting records of Mason Company Sales....... $524,000 Direct labor cost.. .70,000 Raw materials purchases.. .118,000 Selling Expenses..... .140,000 Administrative expenses. ...63,000 Manufacturing overhead applied to WIP. .90,000 Actual manufacturing overhead costs........... ...80,000 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 raw materials. (9 points) 2. Prepare a schedule of cost of goods sold . Assume that the company's undersupplied or over applied overhead is closed to Cost of Goods Sold. (3 points) 3. Prepare an income statement. (2 points)