Mason Company provided the following data for this year:

Sales$ 656,000Direct labor cost$ 90,000Raw material purchases$ 135,000Selling expenses$ 103,000Administrative expenses$ 45,000Manufacturing overhead applied to work in process$ 230,000Actual manufacturing overhead costs$ 204,000InventoriesBeginningEndingRaw materials$ 8,100$ 10,100Work in process$ 5,200$ 20,900Finished goods$ 78,000$ 25,200

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.