The following data from the just completed year are taken from the accounting records of Mason Company: Complete this question by entering your answers in the tabs below.

Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Complete this question by entering your answers in the tabs below.

Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost

of Goods Sold. Complete this question by entering your answers in the tabs below.

Required $2$

Required $3$

Prepare an income statement.

Sales $ $653,000$

Direct labor cost $ $84,000$

Raw material purchases $ $136,000$

Selling expenses $ $105,000$

Administrative expenses $ $48,000$

Manufacturing overhead applied to work in process $ $228,000$

Actual manufacturing overhead costs $ $208,000$

Inventories Beginning Ending

Raw materials $ $8,600$ $ $10,900$

Work in process $ $5,200$ $ $20,100$

Finished goods $ $75,000$ $ $25,500$

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.