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 $ 651,000 $ 89,000 $ 131,000 $ 101,000 $ 43,000 $ 224,000 $ 208,000 es Inventories Beginning Ending Raw materials $ 8,400 $ 10,900 Work in process $ 5,300 $ 20,700 Finished goods $ 78,000 $ 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