The following data from the just completed year are taken from the accounting records of Mason Company: $658,000 85,000 136,000 $ 102,000 41,000 205,000 221,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning 8,400 Ending 10,500 20,600 25,400 Raw materials Work in process Finished goods 5,600 $ 70,000 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. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. t9 te