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 $ 650,000 $ 85,000 $ 137,000 $ 107,000 $ 47,000 $ 202,000 $ 220,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,000 $ 5,400 $ 74,000 Ending $ 10,900 $ 20,000 $ 25, 400 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production 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 Total manufacturing costs Cost of goods manufactured Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or ovn of Goods Sold. Mason Company Schedule of Cost of Goods Sold Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses