The following data from the just completed year are taken from the accounting records of M Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs {:[$654","000],[$80","000],[$132","000],[$101","000],[$50","000],[$229","000],[$203","000]:} Inventories Raw materials Work in process Finished goods {:[" Beginning "" Ending "],[$8","100$10","900],[$5","400$20","200],[$78","000$25","200]:} Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productic 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overap Goods Sold. Prepare an income statement. Complete this question b