The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost $ 658,000 $ 86,000 Raw material purchases $ 133,000 Selling expenses $ 105,000 Administrative expenses $ 41,000 Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 221,000 $ 209,000 Inventories Raw materials Beginning Ending $ 8,500 $ 10,600 Work in process Finished goods $ 5,700 $ 20,800 $ 74,000 $ 25,500 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.