Mason Company provided the following data for this year:Sales$ $656,000$Direct labor cost$ $83,000$Raw material purchases$ $139,000$Selling expenses$ $110,000$Administrative expenses$ $49,000$Manufacturing overhead applied to work in process$ $229,000$Actual manufacturing overhead costs$ $208,000$InventoriesBeginningEndingRaw materials$ $8,400$$ $10,700$Work in process$ $5,700$$ $20,800$Finished goods$ $76,000$$ $25,600$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.