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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 costs $ 653,000 $ 88,000 $ 134,000 $ 106,000 $ 40,000 $ 221,000 $ 207,000 Inventories Raw materials Work in process Finished goods Beginning. $ 8,100 $ 5,000 $ 73,000 Ending $ 10,800 $ 20,400 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct material 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is clos Goods Sold 3. Prepare an income statement. 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: Total raw materials available Direct materials used in production 0 Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured 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 0 Selling and administrative expenses: 0 $ $ 0

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