The following data from the just completed year are taken from the accounting records of Mason Company: Sales $325,000 Direct labor cost $ 43,500 Raw material purchases $ 68,000 Selling expenses $ 52,000 Administrative expenses $ 23,000 Actual manufacturing overhead costs $ 113,000 Inventories Beginning Ending Raw materials $ 4,400 $ 5,500 Work in process $ 3,000 $10,400 Finished goods $ 39,000 $ 12,950 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. 3. Prepare an income statement