The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 653,000 Direct labor cost $ 85,000 Raw material purchases $ 131,000 Selling expenses $ 105,000 Administrative expenses $ 45,000 Manufacturing overhead applied to work in process $ 229,000 Actual manufacturing overhead costs $ 205,000 Inventories Beginning Ending Raw materials $ 8,700 $ 10,300 Work in process $ 5,400 $ 20,700 Finished goods $ 70,000 $ 25,800 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 a statement.