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 $ 524,000 $ 70,000 $118,000 $ 140,000 $ 63,000 $ 90,000 $ 80,000 Inventories Raw materials Beginning Ending $7,000 $ 15,000 Work in process Finished goods $ 10,000 $ 5,000 $ 20,000 $ 35,000 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.