Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs. Inventories Raw materials Work in process Finished goods Beginning $ 8,800 $ 6,000 Ending $ 11,000 $21,000 $ 71,000 $ 25,200 $ 652,000 $ 80,000 $ 138,000 $ 101,000 $ 47,000 $220,000 $210,000 Required: Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Add: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured * $ 8,800 138,000 146,800 11,000 80,000 220,000 $ 6,000 300,000 306,000 21,000 $ 57.900 Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory 71.000 Add: Cost of goods manufactured 57,900 Cost of goods available for sale 0 Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Overapplied overhead * Adjusted cost of goods sold Sales Income Statement Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expense Net operating income 0 0 0