The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 653,000 Direct labor cost $ 82,000 Raw material purchases $ 133,000 Selling expenses $ 101,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 225,000 Actual manufacturing overhead costs $ 202,000 [ Inventories Beginning Ending Raw materials $ 8,200 $ 10,400 Work in process $ 5,800 $ 20,700 Finished goods 5 71,000 $ 26,000 ' 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Beginning work in process inventory __ $ 5.800 Direct materials: _ Beginning raw materials inventory $ 8,200 Add: Purchases of raw materials 133,000 141,200 10,400 Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead 307,000 Total manufacturing costs to account for 312,800 Less: Ending work in process inventory __ 20,700 Cost of goods manufactured _-- Required 2 > Total manufacturing costs added to production 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. Beginning nished goods inventory $ 71,000 Add: Cost of goods manufactured _ Cost of goods available for sale _ _ _ ( Required1 Required3 ) Required 1 Required 2 Required 3 Prepare an income statement. 653,000 Cost of goods sold 653,000 Selling and administrative expenses: 101.000 42.000 Selling expenses Administrative expense 143,000 510,000 Net operating income ( Required 2