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 $ 650,000 $ 88,000 $ 136,000 $ 103,000 $ 47,000 $ 221,000 $ 202,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,400 $ 73,000 Ending $ 10,200 $ 20,900 $ 25,700 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. Required 1 Required 2 Required 3 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 Direct materials used in production 0 Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured Required Required 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 Mason Company Schedule of Cost of Goods Sold Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement 0 Selling and administrative expenses: 0 $ 0 Required