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 $ 653,000 $ 87,000 $ 136,000 $ 100,000 $ 40,000 $ 225,000 $ 201,000 Raw materials Work in process Beginning $ 8,700 $ 10,700 $ 5,500 $ 79,000 $ 20,500 $ 25,600 Finished goods 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.