II. The following data from the just completed year are taken from the accounting records of Mason Company: Sales. Direct labor cost... Raw materials purchases. Selling Expenses... Administrative expenses.. Manufacturing overhead applied to WIP... Actual manufacturing overhead costs....... .$524,000 .70,000 .118,000 .140,000 ...63,000 .90,000 .80,000 Inventories Raw materials Work in process Finish goods Beginning $7,000 10,000 20,000 Ending $15,000 5,000 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were raw materials. (9 points) 2. Prepare a schedule of cost of goods sold . Assume that the company's undersupplied or over applied overhead is closed to Cost of Goods Sold. (3 points) 3. Prepare an income statement. (2 points)