The following data from the just completed year are taken from the accounting records of Mason Company Sales Direct labor cost Row material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 657,000 $ 86,000 $ 134,000 $ 101.000 $ 43,000 $ 210.000 $ 205,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,50 $ 5,800 $ 30.000 Ending 10.600 $ 20,300 $ 25100 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 Beginning work in process inventory Direct materials Beginning raw materials inventory $ 8,300 Add Purchases of raw materials 134 000 Total raw materials available 142.300 Less Ending raw materials inventory 10.600 Direct materials used in production $ 131,700 Manufacturing overhead 230,000 Direct labor 86 0001 0 Total manufacturing costs added to production 447,700 Total manufacturing costs to account for 447,700 Less Ending work in process inventory Cost of goods manufactured $ 410,000 es 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 80.000 Add: Cost of goods manufactured Cost of goods available for sale Less Ending finished goods inventory Unadjusted cost of goods sold Loss Overapplied overhead Adjusted cost of goods sold Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement 0 Selling and administrative expenses: 0