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 $ 659,000 $ 81,000 $ 135,000 $ 104,000 $ 40,000 $ 229,000 $ 205,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,700 $ 73,000 Ending $ 10,600 $ 20,700 $ 25,200 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