Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Mason Company provided the following data for this year: Sales$ 524,000 Direct labor cost$ 70,000 Raw material purchases$ 118,000 Selling expenses$ 140,000 Administrative expenses$ 63,000 Manufacturing overhead applied to work in process$ 90,000 Actual manufacturing overhead costs$ 80,000 InventoriesBeginningEnding Raw materials$ 7,000$ 15,000 Work in process$ 10,000$ 5,000 Finished goods$ 20,000$ 35,000 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.