The following data from the just-completed year are taken from the accounting records of Mason Company: Sales $ 653,000 Direct labor cost $ 89,000 Raw material purchases $ 130,000 Selling expenses $ 101,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 209,000 Actual manufacturing overhead costs $ 221,000 Inventories Beginning Ending Raw materials $ 8,000 $ 10,600 Work in process $ 5,100 $ 20,900 Finished goods $ 74,000 $ 25,100 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.