The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost $524,000 $ 70,000 Raw material purchases Selling expenses Administrative expenses $118,000 $140,000 $ 63,000 Manufacturing overhead applied to work in process $ 90,000 Actual manufacturing overhead costs $ 80,000 Inventories Beginning Ending Raw materials $ 7,000 $ 15,000 Work in process $ 10,000 $ 5,000 Finished goods $ 20,000 $ 35,000 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. Direct materials: Mason Company Schedule of Cost of Goods Manufactured < Prev 6 of 6 Score answer > 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 Direct materials: Schedule of Cost of Goods Manufactured Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured < Required 1 Required 2 > 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 Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement. Required 3 Mason Company Income Statement Selling and administrative expenses: < Required 2 Required 3