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 $ 659,000 $ 83,000 $ 138,000 $ 100,000 $ 40,000 $ 222,000 $ 209,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,500 $ 5,300 $ 79,000 Ending $ 10,400 $ 20,500 $ 25,200 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. $ 5,300 Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory $ 8,500 Add: Purchases of raw materials 138,000 Total raw materials available 146,500 Less: Ending raw materials inventory 10,400 Direct materials used in production Direct labor Manufacturing overhead 5,300 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured