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 $ 650,000 $ 80,000 $ 133,000 $ 101,000 $ 50,000 $225,000 $ 201,000 Inventories Raw materials 8,600 Beginning Ending $ $ 10,200 Work in process Finished goods $ 5,100 $ 20,500 $ 71,000 $ 25,900 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