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 Work in process Beginning Ending $ 8,200 $ 10,000 $ 5,200 $ 20,900 $ 658,000 $ 90,000 $ 138,000 $110,000 $ 44,000 $ 221,000 $ 208,000 Finished goods $ 76,000 $ 25,900 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.