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 $ 8,200 $ 5,300 Ending $11,000 $ 20,600 $ 73,000 $ 25,600 $ 659,000 $ 87,000 $ 134,000 $ 107,000 $ 47,000 $ 222,000 $ 203,000 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were dir Mason Company Schedule of Cost of Goods Manufactured $ 5,300 Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 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 $ 8,200 134,000 142,200 11,000 87,000 222,000 309,000 314,300 20,600 $ 293,700 Required 2 > Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underappli of Goods Sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory $ 69 Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold 73,000 293,700 25,600 Adjusted cost of goods sold < Required 1 Required 3 Required 1 Required 2 Required 3 Prepare an Income statement. Mason Company Income Statement Selling and administrative expenses: 0 0 $ 0 < Required 2 Required 3>