The following data from the just completed year are taken from the accounting records of Mason Company: $658,000 $ 84,000 $131,000 $105,000 $50,000 $209,000 $227,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Beginning Ending 8,800 $10, 700 $ 5,500 $20, 000 $71,000 $25,400 Inventories Raw materials Work in process Finished goods 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 o Goods Sold. 3. Prepare an income statement. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production we Mason Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available es Raw materials used in production Total manufacturing costs Cost of goods manufactured 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 3 Required 2 Required 1 Prepare an income statement. Mason Company Income Statement 0 Selling and administrative expenses: 0 $ 0 Required 3 Required 2