The following Sata from the just completed year are taken from the accounting records of Muson Company Sales Direct labor cost $ 659,000 $ 85,000 Raw material purchases $ 132,000 Selling expenses 101.000 Administrative expenses $ 44,000 Manufacturing overhead applied to work in process $ 227,000 Actual manufacturing overhead coats $ 201,000 Inventories Beginning Ending Raw materiala $ 8.700 $ 10,000 Nork in process $ 5,800 $ 20,800 Finished good $ 75,000 $ 25,00 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 Prepare an income statement. Mason Company Income Statement 0 Selling and administrative expenses: 0 $ $ 0