Mason Company provided the following data for this year: Sales $ 650,000 Direct labor cost $ 86,000 Raw material purchases $ 139,000 Selling expenses $ 101,000 Administrative expenses $ 43,000 Manufacturing overhead applied to work in process $ 229,000 Actual manufacturing overhead costs $ 201,000 Inventories Beginning Ending Raw materials $ 8,800 $ 10,700 Work in process $ 5,200 $ 20,400 Finished goods $ 73,000 $ 25,600 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.