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 processi Actual manufacturing overhead costs $ 656,000 $ 81,000 $ 130,000 $ 109,000 $ 40,000 $ 229,000 $ 208,000 Inventories Raw materials Work in process Finished goods Required: Beginning $ 8,700 Ending $ 10,400 $ 5,900 $ 20,300 $ 74,000 $ 25,000 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