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 $ 654,000 $ 87,000 $ 136,000 $ 102,000 $ 42,000 $ 209,000 $ 226,000 Inventories Beginning Ending Raw materials $ 8,600 $ 10,900 Work in process $ 5,700 $ 20,900 Finished goods $ 71,000 $ 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 Direct materials: Schedule of Cost of Goods Manufactured Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured