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 Manufacturing overhead applied to work in process Actual manufacturing overhead 652000 85,000 138,000 \$103,000 49,000 203,000 224,000 Inventories Raw materials Work in process Finished goods Beginning 8,600 5,900 75,000 Ending 10,900 20,300 25,500 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.