The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 657,000 Direct labor cost $ 82,000 Raw material purchases $ 134,000 Selling expenses $ 100,000 Administrative expenses $ 45,000 Manufacturing overhead applied to work in process $ 201,000 Actual manufacturing overhead costs $ 225,000 Inventories Beginning of Year End of Year Raw materials $ 8,900 $ 10,700 Work in process $ 5,200 $ 20,600 Finished goods $ 71,000 $ 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. 3. Prepare an income statement.