The following data from the just completed year are taken from the accounting records of Mason Company:

The following data from the just completed year are taken from the accounting records of Mason Company: $654,000 $ 85,000 $ 134,000 $ 100,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses 49,000 s 201,000 $ 228,000 Manufacturing overhead applied to work in process Actual manufacturing overhead costs Beginning $ 8,700 $ 5,900 $ 73,000 Ending $ 10,900 Inventories Raw materials Work in process Finished goods $20,900 25,600 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. Complete this question by entering your answers in the tabs below. 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: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Direct labor Manufacturing overhead Total manufacturing costs Add: Beginning work in process inventory 0 Less: Ending work in process inventory Cost of goods manufactured Required 1 Required 2 Required 3 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 Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold Prepare an income statement. Mason Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expense Net operating income 0 O