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.

Please show all the details and explain it, thanks!

The following data from the just completed year are taken from the accounting records of Eccies Company: Sales . . . . $90,000 $132,000 $100,000 ..$43,000 $210,000 $220,000 Manufacturing overhead applied to work in process. . . . . . . . Beginning of End of inventories: $8,000 $5,000 $70,000 $10,000 $20,000 $25,000 Required: 1. 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 Direct materials: Raw materials available for use Raw materials used in production Total manufacturing costs Cost of goods manufactured 2. Prepare a schedule of cost of goods sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Goods available for sale Unadjusted cost of goods sold Adjusted cost of goods sold 3. Prepare an income statement. Mason Company Income Statement Selling and administrative expenses