The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs 654,000 $ 87,000 $ 139,000 $ 107,000 $ 50,000 203,000 226,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,200 10,300 $ 5,900 20,200 $77,000 25,900 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 that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold 3. Prepare an income statement