The following data from the just completed year are taken from the accounting records of Mason Company Sales $ 655, 900 Direct labor cost $ 86, 000 Raw material purchases $ 130, 060 Selling expenses $ 109,000 Administrative expenses $ 46,000 Manufacturing overhead applied to work in process $ 221, 000 Actual manufacturing overhead costs $ 207 ,000 Inventories Beginning Ending Raw materials $ 8, 300 $ 10,900 Work in process $ 5, 800 $ 20,500 Finished goods $ 73,000 $ 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 Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below