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 $ 63,000 $ 90,000 $ 80,000 Inventories Beginning Ending Raw materials $ 7,000 $ 15,000 Work in process Finished goods $ 10,000 $ 5,000 $ 20,000 $ 35,000 ces 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 $ 10,000 Beginning work in process inventory Direct materials: Purchases of raw materials $ 7,000 Add: Purchases of raw materials 118,000 Total raw materials available 125,000 Less: Ending raw materials inventory 15,000 Direct materials used in production