The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 651,000 Direct labor cost $ 89,000 Raw material purchases $ 132,000 Selling expenses $ 108,000 Administrative expenses $ 41,000 Manufacturing overhead applied to work in process $ 224,000 Actual manufacturing overhead costs $ 201,000 Inventories Beginning Ending Raw materials $ 8,000 $ 10,200 Work in process $ 5,600 $ 20,300 Finished goods $ 75,000 $ 25,300 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 a

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 o Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement