Mason Company provided the following data for this year:Sales$ $655,000$Direct labor cost$ $80,000$Raw material purchases$ $132,000$Selling expenses$ $108,000$Administrative expenses$ $41,000$Manufacturing overhead applied to work in process$ $222,000$Actual manufacturing overhead costs$ $209,000$InventoriesBeginningEndingRaw materials$ $8,800$$ $11,000$Work in process$ $5,200$$ $20,800$Finished goods$ $79,000$$ $25,200$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.