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 653,000 $ 85,000 $ 138,000 $ 102,000 $ 49,000 $ 205,000 230,000 Inventories Raw materials Work in proces Finished goods Beginning Ending $ 8,800 10,400 $ 5,500 20,700 $78,000 25,600 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