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

Sales	$	651,000
Direct labor cost	$	82,000
Raw material purchases	$	137,000
Selling expenses	$	104,000
Administrative expenses	$	48,000
Manufacturing overhead applied to work in process	$	221,000
Actual manufacturing overhead costs	$	200,000

Inventories	Beginning		Ending
Raw materials	$	8,300	$	10,400
Work in process	$	5,700	$	20,200
Finished goods	$	74,000	$	25,800

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.