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 Inventories Raw materials Work in process Finished goods Required: Beginning Ending $ 7,000 $ 15,000 $ 5,000 $ 10,000 $ 20,000 $ 35,000 $ 524,000 $ 70,000 $ 118,000 $ 140,000 $ 63,000 $ 90,000 $ 80,000 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. Answer is not complete. 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: Total raw materials available Beginning raw materials inventory $ 7,000 Add: Purchases of raw materials 118,000 125,000 15,000 $110,000 70,000 Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 90,000 270,000 270,000 5,000 $275,000 Answer is not complete. Complete this question by entering your answers in the tabs below. 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 $ 20,000 Add: Cost of goods manufactured 275,000 Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Cost of goods available for sale $ 250,000 295,000 35,000 260,000 10,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement. Sales Cost of goods sold Gross margin Mason Company Income Statement 524,000 250,000 274,000 Selling and administrative expenses: Selling expenses $ 140,000 Administrative expense 63,000 $ 203,000 $ 71,000