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 $ 651,000 $ 87,000 $ 130,000 $ 102,000 $ 49,000 Manufacturing overhead applied to work in process $ 228,000 $ 208,000 Actual manufacturing overhead costs Inventories Raw materials Beginning Ending $ 9,000 $ 10,900 Work in process Finished goods $ 5,400 $ 20,400 $ 73,000 $ 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. 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 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 $ 428,100 x 73,000 501,100 Less: Ending finished goods inventory Unadjusted cost of goods sold 25,600 475,500 Less: Overapplied overhead (20,000) Adjusted cost of goods sold $ 455,500