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 Ending Inventories Raw materials Work in process $.658,000 $ 84,000 $ 134,000 $ 101,000 $ 47,000 $ 229,000 $ 207,000 Finished goods Required: Beginning $ 8,700 $ 1600 $ 5,000 $ 76,000 $ 20,200 $ 25,800 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 Goods Sold. 3. Prepare an income statement.