The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $524,000 $ 70,000 $118,000 $140,000 $ 63,000 $ 90,000 $ 80,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 7,000 $ 15,000 $ 10,000 $ 5,000 $ 20,000 $ 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. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. 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: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured | $ 275,000 LUULUULUUUUUUUUUUUUUUUUU IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. IIIIIIIIIIIII At ut Mason Company Schedule of Cost of Goods Sold TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT Prepare an income statement. K I INNIHIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ............................................................................... I IIIIIIIII Mason Company Income Statement Selling and administrative expenses: Required 2 Required 3 >