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 Inventories Ending $ 656,000 $ 90,000 $ 130,000 $ 102,000 $ 50,000 $ 226,000 $ 202,000 Raw materials Work in process Finished goods Beginning $ 8,300 $ 10,100 $ 5,500 $ 75,000 $ 20,800 $ 25,800 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