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 $ 652,000 $ 85,000 $ 133,000 $ 100,000 $ 41,000 $ 220,000 $ 208,000 Inventories. Raw materials Beginning Ending $ 8,900 $ 10,400 Work in process. $ 6,000 $ 20,100 Finished goods $ 72,000 $ 25,200 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.