Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 651,000 $ 81,000 $ 134,000 $ 100,000 $ 49,000 $ 229,000 $ 204,000 Inventories Raw materials Beginning Ending $ 8,900 $ 10,900 Work in process $ 5,300 $ 20,500 Finished goods $ 75,000 $ 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 the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.