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 650,000 $ 87,000 138,000 107,000 $ 46,000 203,000 $ 226,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,200 10,400 $ 5,200 20,300 $ 73,000 25,000 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. Required 1Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were dir Mason Company Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production S8,200 138,000 146,200 10,400 $ 135,800 Total manufacturing costs Cost of goods manufactured Required 1 Required 2> Mason Company Schedule of Cost of Goods Sold Mason Company Income Statement Selling and administrative expenses