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 $ 660,000 $ 80,000 $ 138,000 $ 109,000 $ 43,000 $ 204,000 $ 224,000 Inventories Raw materials Work in process Finished goods Beginning End of of Year Year $ 8,700 $ 10,100 $ 5,500 $ 20,500 $ 72,000 $ 25,300 Required: 1. 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: Raw materials available for use 0 Raw materials used in production $ $ 0 Total manufacturing costs 0 Cost of goods manufactured $ 0 2. Prepare a schedule of cost of goods sold. Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Goods available for sale 0 Unadjusted cost of goods sold 0 Adjusted cost of goods sold 0 3. Prepare an income statement. Mason Company Income Statement 0 Selling and administrative expenses: 0 $ 0