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 $ 654,000 $ 82,000 $ 137,000 $ 104,000 $ 41,000 $ 200,000 $ 229,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,600 $ 5,900 $ 71,000 Ending $ 10,000 $ 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. 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 Raw materials used in production Total manufacturing costs Cost of goods manufactured Required 1 Required 2 > 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 Lumpicu s yuuSUIVI DE LILLmy yuui umsvLIS MUL LUUS VLIV. Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses: