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 $ 654,000 $ 83,000 $ 134,000 $ 109,000 $ 47,000 $ 222,000 $ 210,000 Raw materials Work in process Beginning $ 8,500 $ 10,200 $ 5,900 $ 20,000 $ 70,000 $ 25,300 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.