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 $ 654,000 $ 87,000 $ 139,000 $ 103,000 $ 43,000 $ 202,000 $ 226,000 Inventories Beginning Ending Raw materials $ 8,500 $ 10,600 Work in process Finished goods $ 5,100 $ 20,300 $ 76,000 $ 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.