Chapter 3 Homework O 3 4 points Saved 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. $ 654,000 $ 87,000 $ 138,000 $ 109,000 $ 44,000 $ 230,000 $ 202,000 eBook Inventories Beginning Raw materials $ 8,700 Work in process $ 5,500 Ending $10,500 $ 20,300 Finished goods $ 73,000 $ 25,500 Hint Print References 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 11 Required 2 Required 31 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 Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold $ 73,000