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 $ 653,000 $ 84,000 $ 135,000 $ 109,000 $ 44,000 $ 201,000 $ 227,000 Inventories Raw materials Work in process Pinished goods Beginning $ 8,500 $ 5,600 $ 72,000 Ending $ 10,500 $ 20,000 $ 25,100 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 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 $ 8.500 Add: Purchases of raw materials 135,000 Total raw materials available 143,500 Less: Ending raw materials inventory 10,500 Raw materials used in production Direct labor Manufacturing overhead Total manufacturing costs 84.000 201,000 Cost of goods manufactured Required 1 Required 2 Required 3 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Mason Company Schedule of Cost of Goods Sold Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement Selling and administrative expenses