ONS thar Work in Process has a beginning balance of $42.000. PERCISE 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income The following data from the just completed year are taken from the accounting records of Mason santement L03-3 Sales Direct labor cost Raw material purchases. Selling expenses. Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs. $524.000 $70,000 $118.000 $140,000 $63,000 $90.000 $80,000 Inventories Beginning Ending Raw materials. Work in process. Finished goods $7,000 $10,000 $20,000 $15,000 $5,000 $35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in produc- tion were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overap- plied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement