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 $ 654,000 $ 89,000 $139,000 $ 102,000 $ 44,000 Manufacturing overhead applied to work in process $222,000 Actual manufacturing overhead costs Inventories Beginning Raw materials Work in process $20,600 $25,400 Ending $ 8,200 $ 10,100 $5,600 Finished goods $ 70,000 Required: $ 204,000 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 Beginning work in process inventory Direct materials: Beginning raw materials inventory 8,200 Add: Purchases of raw materials 139,000 Total raw materials available 147,200 Less: Ending raw materials inventory 10,100 Direct materials used in production $ 137,100 Direct labor 89,000 222,000 Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 448,100 448,100 20,600 $ 427,500 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 Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Adjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold $ 70,000 < Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses: 0 0 $ 0