QUESTION 3 Question three: (10 points) The following data from the just completed year are taken from the accounting records of Mason Company: Sales.... Direct labor cost.. $524,000 $70,000 Raw material purchases $118,000 Selling expenses. $140,000 Administrative expenses . $63,000 Manufacturing overhead applied to work in process $90,000 $80,000 Actual manufacturing overhead costs. Inventories Raw materials. Work in process. Finished goods. Required: Beginning of Year End of Year $7,000 $15,000 $10,000 $5,000 $20,000 $35,000 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. Any underapplied or overapplied overhead was closed out to cost of goods sold. 3. Prepare an income statement. Click Save and Submit to save and submit. Click Save All Answers to save all answers.