he following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 652,000 Direct labor cost $ 83,000 Raw material purchases $ 135,000 Selling expenses $ 106,000 Administrative expenses $ 40,000 Manufacturing overhead applied to work in process $ 201,000 Actual manufacturing overhead costs $ 225,000 Inventories Beginning of Year End of Year Raw materials $ 8,700 $ 10,200 Work in process $ 5,800 $ 20,700 Finished goods $ 79,000 $ 25,100 equired: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. 2 -Prepare a schedule of cost of goods sold. 3. Prepare an income statement.