The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 655,000 Direct labor cost $ 89,000 Raw material purchases $ 138,000 Selling expenses $ 103,000 Administrative expenses $ 40,000 Manufacturing overhead applied to work in process $ 229,000 Actual manufacturing overhead costs $ 207,000 Inventories Beginning Ending Raw materials $ 8,200 $ 10,700 Work in process $ 5,400 $ 20,600 Finished goods $ 74,800 $ 25,200 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 X 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 X X Direct materials: * $ 8,200 138,000 146,200 10,700 Total raw materials available Direct materials used in production $ 135,500 89,000 229,000 Total manufacturing costs added to production Total manufacturing costs to account for 453,500 453,500 20,600 5,400 $ Cost of goods manufactured Reguld Required 2 > *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect, no points deducted 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 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 Beginning finished goods inventory 3 25,200 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 an income statement. Mason Company Income Statement 3 X 0 Selling and administrative expenses: 0 0