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 524,000 $ 70,000 $ 118,000 140,000 S 63,000 90,000 $ 80,000 Beginning End of Year Inventories Raw materials Work in process Finished goods of Year $ 7,000 S 15,000 $ 10,000 S 5,000 $ 20,000 S 35,000 Required 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials