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 655,000 $ 90,000 $ 138,000 $ 101,000 $40,000 $ 205, 000 226,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,300 10,900 $5,400 20,800 $ 77,000 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