\begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Mason Company } \\ \hline \multicolumn{5}{|c|}{ Schedule of Cost of Goods Manufactured } \\ \hline Beginning work in process inventory & & & $ & 5,200 \\ \hline \multicolumn{5}{|l|}{ Direct materials: } \\ \hline Beginning raw materials inventory & 8,400 & & & \\ \hline Add: Purchases of raw materials & 139,000 & & & \\ \hline Total raw materials available & 147,400 & & & \\ \hline Less: Ending raw materials inventory & 11,000 & & & \\ \hline Direct materials used in production & & $136,400 & 3 & \\ \hline Direct labor & & 82,000 & & \\ \hline \multicolumn{5}{|l|}{ Manufacturing overhead } \\ \hline . & & & & \\ \hline Total manufacturing costs added to production & & & & 218,400 \\ \hline Total manufacturing costs to account for & & & & 223,600 \\ \hline Less: Ending work in process inventory & & & & 20,700 \\ \hline Cost of goods manufactured & & & & \\ \hline \end{tabular} Prepare an income statement. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. The following data from the just completed year are taken from the accounting records of Mason Company: 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