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 660,000 $87,000 131,000 107,000 $44,000 207,000 $ 223,000 Beginning Ending nventories Raw materials Work in process Finished goods $ 8,100 10,800 $ 6,000 20,500 $ 71,000 25,100 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