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 $653,000 $ 86,000 $138,000 $107.000 $ 42,000 $ 201,000 $228,000 Inventories Beginning Ending Raw materials $ 8,680 $10,700 Work in $ 5,400 $20,300 process Finished goods $76,000 $25,600 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 Complete this question by entering your answers in the tabs below. Required Required 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: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured Required: Required 2 > 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 $653,000 $ 86,000 $138,000 $107.000 $ 42,000 $ 201,000 $228,000 Inventories Beginning Ending Raw materials $ 8,680 $10,700 Work in $ 5,400 $20,300 process Finished goods $76,000 $25,600 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 Complete this question by entering your answers in the tabs below. Required Required Required 2 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Work in Process Finished Goods (a) 467,712 (b)389,760 Bal. 18, 240 (c) 722,000 Bal. 47,00 (d) 646,000 Bal. 77,952 270, 500 (c) 722,000 86,500 Bal.123,000 (b) 389,760 Bal. 43,000 Cost of Goods Sold (d) 646,000 The overhead that had been applied to production during the year is distributed among Work In Process, Finished Goods, and cost of Goods Sold as of the end of the year as follows: Work in Process, $ 20,640 ending Finished Goods, ending 59,040 Cost of Goods Sold 310,080 Overhead applied $389,760 For example of the $43.000 ending balance in work in process. $20.640 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary Journal entry 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary Journal entry. Complete this question by entering your answers in the tabs below. Required Required Required 2 Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Show less View transaction list Journal entry worksheet Record the allocation of any balance in the manufacturing overhead account to other accounts. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry View general journal Clear entry Required 2 Required 3