The following data from the just completed year are taken from the accounting records of Mason Company Sales 524,000 Direct labor cost 70,000 Raw material purchases 118,000 Selling expenses 140,000 Administrative expenses 63,000 Manufacturing overhead applied to work in process 90,000 Actual manufacturing overhead costs 80,000 Beginning End of of Year Year Inventories Raw materials 7,000 15,000 10,000 5,000 Work in process 20,000 35,000 Finished goods Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials