The following data from the just completed year are taken from the accounting records of Mason Company. Sales Direct labor cost $ 524,000 $ 70,000 Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 7,000 Ending $15,000. $ 5,000 Inventories Raw materials Beginning Work in process $ 10,000 Finished goods $ 20,000 $ 35,000 $ 118,000 $ 140,000 $ 63,000 $ 90,000 $ 80,000 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 Goods Sold. 3. Prepare an income statement