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Required 1 Required 2 Required 3 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 Beginning work in process inventory Direct materials: Beginning raw materials inventory S 8,300 Add: Purchases of raw materials 136,000 Total raw materials available 144,300 Less: Ending raw materials inventory 10,500 Direct materials used in production $ 133,800 Direct labor 87,000 Manufacturing overhead 228,000 448,800 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 448,800 20,100 $ 468,900 Heures Required 2 > 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 $ 652,000 $ 87,000 $ 136,000 $ 108,000 $ 46,000 $ 228,000 $ 204,000 Ending Inventories Raw materials Work in process Finished goods Beginning $ 8,300 $ 10,500 $ 5,600 $ 28, 100 $ 76,000 $ 25,400 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 an income statement Mason Company Income Statement 652,000 Sales 3. Prepare an income statement. Answer is not complete. Complete this question by entering your answers in the tabs below. 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 of Goods Sold. $ Mason Company Schedule of Cost of Goods Sold Beginning finished goods inventory 76,000 Add: Cost of goods manufactured 468.900 Cost of goods available for sale 544,900 Less: Ending finished goods inventory 25,400 Unadjusted cost of goods sold: 519,500 X Add: Underapplied overhead % (24,000) Adjusted cost of goods sold $ 495,500

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