The following data from the just-completed year are taken from the accounting records of Mason Company:

Sales	$ 654,000
Direct labor cost	$ 87,000
Raw material purchases	$ 133,000
Selling expenses	$ 100,000
Administrative expenses	$ 43,000
Manufacturing overhead applied to work in process	$ 227,000
Actual manufacturing overhead costs	$ 200,000

Inventories	Beginning	Ending
Raw materials	$ 8,100	$ 10,400
Work in process	$ 5,800	$ 20,200
Finished goods	$ 72,000	$ 25,700

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.