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 $524,000 $ 70,000 $118,000 $140,000 $ 63,000 $ 90,000 Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 80,000 Inventories Raw materials Work in process Finished goods Required: Beginning Ending $ 7,000 $ 15,000 $ 10,000 $ 5,000 $20,000 $35,000 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.