Help Save & CH 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 $ 657,000 $ 81,000 $ 136,000 $ 193,000 $ 47,000 $ 204,000 $ 225,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,500 $ 5,800 $ 79,000 Ending $ 10,900 $ 20,700 $ 26,000 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 we Mason Company Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials 8,500 136,000 Total raw materials available 10.900 Less: Ending raw materials inventory Raw materials used in production Direct labor $ 133,600 81,000 Total manufacturing costs 0 Cost of goods manufactured O 19 Homework Help Save 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 work in process inventory $ 5,800 o ter 3 Homework Required 1 Required 2 Required 3 Prepare an income statement. Mason Company Income Statement k Cost of goods sold 0 ces Selling and administrative expenses: 0 $ 0