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 retual manufacturing overhead costs $ 655,000 $ 87,000 $ 138,000 $ 100,000 $ 49,000 $ 200,000 $ 220,000 Inventories Raw materials Work o process Finished goods Beginning $ 8,600 $5.500 $ 75,000 Ending $ 10, 200 $ 20,100 $ 25,500 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 C 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 Direct materials Beginning raw materials inventory 8,600 Add: Purchases of raw materials 138,000 Total raw materials available 148.000 Less: Ending raw matenas inventory 10.200 Raw materials used in production Direct abor 136.400 87 000