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 $ 86,000 $ 134,000 $ 107,000 $ 47,000 $ 224,000 ed Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 206,000 Inventories Raw materials Beginning Ending $ 8,500 $ 10,700 Work in process $ 5,100 $ 20,800 Finished goods $ 78,000 $ 25,600 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. Mason Company Schedule of Cost of Goods Manufactured 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 $ 5,100 $ 9,000 134,000 143,000 10,700 $ 132,300 86,000 224,000 Cost of goods manufactured 442,300 447,400 20,800 $ 426,600 < Required 1 Required 2 > *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.