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 Raw materials Ending Beginning $ 9,000 $ 10,600 Work in process $ 5,800 $ 20,100 Finished goods $ 75,000 $ 25,300 $ 658,000 $ 88,000 $ 135,000 $ 106,000 $ 44,000 $ 222,000 $ 207,000 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.