The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 656,000 Direct labor cost $ 85,000 Raw material purchases $ 132,000 Selling expenses $ 106,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 220,000 Actual manufacturing overhead costs $ 201,000 Inventories Beginning Ending Raw materials $ 8,900 $ 10,100 Work in process $ 5,700 $ 20,400 Finished goods $ 76,000 $ 25,100 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.