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 $ 656,000 $ 82,000 $ 137,000 $ 100,000 $ 41,000 $ 227,000 $ 210,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,500 $ 75,000 Ending $ 10,800 $ 20,400 $ 25,600 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. Journal entry worksheet