The following data from the just completed year are taken from the accounting records of Mason Company Sales $ 659.000 Direct Labor cost $ 16,000 Raw material purchases $ 132,000 Selling expenses 5. 101.000 Administrative expensen $ 44,000 Manufacturing overhead applied to work in process 5.227.000 Actual manufacturing overhead costs $ 201,000 Inventories Beginning Ending Raw materials 58,700 $10,000 Work in process $ 5.000 $ 20.00 Finished good $75.000 $ 25,00 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. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production w Mason Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required 2 > The following data from the just completed year are taken from the accounting records of Mason Company Sales $ 659.000 Direct Labor cost $ 16,000 Raw material purchases $ 132,000 Selling expenses 5. 101.000 Administrative expensen $ 44,000 Manufacturing overhead applied to work in process 5.227.000 Actual manufacturing overhead costs $ 201,000 Inventories Beginning Ending Raw materials 58,700 $10,000 Work in process $ 5.000 $ 20.00 Finished good $75.000 $ 25,00 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. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production w Mason Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required 2 >