The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 658,000 Direct labor cost $ 83,000 Raw material purchases $ 134,000 Selling expenses $ 108,000 Administrative expenses $ 48,000 Manufacturing overhead applied to work in process $ 202,000 Actual manufacturing overhead costs $ 222,000 Inventories Beginning Ending Raw materials $ 8,600 $ 10,700 Work in process $ 6,000 $ 20,100 Finished goods $ 75,000 $ 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 of Goods Sold. 3. Prepare an income statement.