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 $10,500 Beginning $9,800 $5,100 $ 80,000 $ 25,600 $ 20,400 $ 658,000 $ 88,000 $ 133,000 $ 104,000 $ 41,000. $ 222,000 $ 208,000 Work in process Finished goods 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.