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 $ 653,000 $ 82,000 $ 140,000 $ 105,000 $ 46,000 $ 222,000 $ 203,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,700 $ 74,000 Ending $ 10,300 $ 20,900 $ 25,400 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