The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 652,000 Direct labor cost $ 86,000 Raw material purchases $ 134,000 Selling expenses $ 106,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 208,000 Actual manufacturing overhead costs $ 223,000 Inventories Beginning Ending Raw materials $ 9,000 $ 10,600 Work in process $ 5,600 $ 20,200 Finished goods $ 70,000 $ 25,000 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.