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 $ 656,000 $ 87.000 $ 135,000 $ 104,000 $ 46,000 $ 202,000 $ 228,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,700 $ 5,500 $ 72,000 Ending $ 11,000 $ 20,100 $ 25,000 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. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were Mason Company Schedule of Cost of Goods Manufactured Direct materials: 8,700 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 135,000 143,700 Raw materials used in production Total manufacturing costs 0 Cost of goods manufactured Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplies of Goods Sold. Mason Company Schedule of Cost of Goods Sold