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 $ 651,000 $ 82,000 $ 140,000 $ 100,000 $ 41,000 $ 229,000 $ 206,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,100 $ 5,300 $ 74,000 Ending $ 10,400 $ 20,300 $ 25,500 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 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 $ 8,100 Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 140,000 148,100 10,400 Less: Ending raw materials inventory Direct materials used in production $ 137,700 82,000 Direct labor Manufacturing overhead 229,000 448,700 448,700 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 20,300 $ 428,400 Required 1 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 overapplied overhead is closed to Cost 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 Less: Overapplied overhead Adjusted cost of goods sold 74,000 428,400 502,400 25,500 476,900 23,000 453,900 $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Sales $ 651,000 453,900 197,100 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses $ 100,000 41,000 Administrative expense Selling expenses Net operating income 141,000 56,100 $