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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 coats $ 651,000 $ 89,000 $ 134,000 $ 109,000 $ 44,000 $ 229,000 $ 207,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,600 $ 74,000 Ending $ 10,400 $ 20,300 $ 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. $ 5,600 Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 0 5,600 Required 2 > 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 74,000 Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Cost of goods available for sale 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 $ 651,000 651,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenso 0 Net operating income $ 651,000