The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 656,000 Direct labor cost $ 82,000 Raw material purchases $ 133,000 Selling expenses $ 101,000 Administrative expenses $ 41,000 Manufacturing overhead applied to work in process $ 205,000 Actual manufacturing overhead costs $ 230,000 Inventories Beginning of Year /End of Year Raw materials $ 8,300 / $ 10,500 Work in process $ 5,600/ $ 20,100 Finished goods $ 76,000/ $ 25,000 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.