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 $ 655,000 $ 80,000 $ 134,000 $ 104,000 $ 41,000 $ 226,000 $ 210,000 Inventories Raw materials Work in process Finished goods Beginning $ 9,000 $ 5,800 $ 71,000 Ending $ 10,700 $ 20,600 $ 25,100 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