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 s 654,000 $ 81,000 135,000 101,000 $ 42,000 s 200,000 $ 227,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,100 10,400 $ 5,100 20,800 $ 76,000 25,700 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2Required 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 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production $ 8,100 135,000 143,100 10,400 $ 132,700 81,000 200,000 427,000 5,100 432,100 20,800 $ 411,300 Direct labor Manufacturing overhead Total manufacturing costs Add: Beginning work in process inventory Less: Ending work in process inventory Cost of goods manufactured Required 1 Required 2> Answer is complete but not entirely correct. 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 under applied or over applied 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 Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold $ 76,000 411,300 487,300 25,700 461,600 27,000 $ 488,600 Required 1 Required3> Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1Required 2Required 3 Prepare an income statement. Mason Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses $654,000 488,600 165,400 101,000 Selling expenses Administrative expense 2,000143,000 $ 22,400 Net operating income K Required 2 Required 3