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 $ 654,000 $ 84,000 $ 133,000 $ 108,000 $ 46,000 $ 228,000 $ 205,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,200 $ 5,100 $ 80,000 Ending $ 10,600 $ 20,600 $ 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. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement