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 $ 659,000 $ 81,000 $ 138,000 $ 102,000 $ 44,000 $ 208,000 $ 228,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,500 $ 5,500 $ 71,000 Ending $ 10,400 $ 20,900 $ 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. 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 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. Mason Company Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory $ 8,400 Add: Purchases of raw materials 131,000 Total raw materials available 10,500 $ Raw materials used in production Direct labor Manufacturing overhead Total manufacturing costs 128,900 X 81,000 205,000 414,900 X 414,900 Cost of goods manufactured Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapp 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 Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead 75,000 X 399,800 X 474,800 25,300 449,500 20,000 469,500 Adjusted cost of goods sold $ Required 1 Required 3 > Prepare an income statement. Mason Company Income Statement Selling and administrative expenses: 0 0 $ Required 2 Required 3