The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 657,000 Direct labor cost $ 81,000 Raw material purchases $ 132,000 Selling expenses $ 110,000 Administrative expenses $ 43,000 Manufacturing overhead applied to work in process $ 201,000 Actual manufacturing overhead costs $ 225,000 Inventories Beginning Ending Raw materials $ 8,600 $ 10,800 Work in process $ 6,000 $ 20,200 Finished goods $ 80,000 $ 25,700 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.