The following data from the just completed year are taken from the accounting records of Mason Company:

Sales	$	652,000
Direct labor cost	$	81,000
Raw material purchases	$	133,000
Selling expenses	$	108,000
Administrative expenses	$	48,000
Manufacturing overhead applied to work in process	$	229,000
Actual manufacturing overhead costs	$	206,000

Inventories	Beginning		Ending
Raw materials	$	8,300	$	10,000
Work in process	$	5,400	$	20,800
Finished goods	$	74,000	$	25,500

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.