he 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 $ 109,000 Administrative expenses $ 47,000 Manufacturing overhead applied to work in process $ 220,000 Actual manufacturing overhead costs $ 207,000 Inventories Beginning Ending Raw materials $ 8,900 $ 10,200 Work in process $ 5,500 $ 20,800 Finished goods $ 74,000 $ 26,000 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.