Mason Company provided the following data for this year:

Required:

Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods

Sold.

Prepare an income statement.

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Required $3$

Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.Selected T$-$accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance $1/117,000$ Credits $?$question mark Debits $124,000$ Balance $12/3127,000$ Manufacturing Overhead Debit Credit Debits $229,800$ Credits $?$question mark Work in Process Debit Credit Balance $1/122,000$ Credits $476,000$ Direct materials $92,000$ Direct labor $156,000$ Overhead $241,800$ Balance $12/31?$question mark Factory Wages Payable Debit Credit Debits $189,000$ Balance $1/110,000$ Credits $184,000$ Balance $12/315,000$ Finished Goods Debit Credit Balance $1/142,000$ Credits $?$question mark Debits $?$question mark Balance $12/3163,000$ Cost of Goods Sold Debit Credit Debits $?$question mark Required: What was the cost of raw materials used in production? How much of the materials in $(1)$ above consisted of indirect materials? How much of the factory labor cost is indirect labor? What was the cost of goods manufactured? What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. If overhead is applied to production using direct labor cost, what was the predetermined overhead rate? Was manufacturing overhead underapplied or overapplied? By how much? Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If $$8,500$ of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost?$1.$ What was the cost of raw materials used in production? $2.$ How much of the materials in $(1)$ above consisted of indirect materials? $3.$ How much of the factory labor cost is indirect labor? $4.$ What was the cost of goods manufactured? $5.$ What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer.If overhead is applied to production using direct labor cost, what was the predetermined overhead rate?Was manufacturing overhead underapplied or overapplied? By how much?Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If $$8,500$ of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost?