Should any overhead cost be added to Job W at year-end? If so, how much? Explain. EXERCISE 2-11 Schedules of Cost of Goods Manufactuted and Cost of Goods Sold; Income Statement [LO2-6 The following data from the just completed year are taken from the accounting Ending raw material inventory = $8,000; Ending work in process records of Mason Company: Sales inventory Direct labor cost $524,000 $70,000 $16,000 Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $140,000 $63,000 $90,000 $80,000 . . . . Beginning ot End of Inventories Raw materials.... Work in process . $7,000 $10,000 $20,000 Year $15,000 $5,000 $35,000 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 3. Prepare an income statement, Page 105