2 The following data from the just completed year are taken from the accounting records of Mason Company: Sales 10 10 Direct labor cost points Raw material purchases $ 657,000 $ 88,000 $ 136,000 Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Ending Beginning $ 8,600 $ 10,000 $ 5,500 $ 20,800 $ 79,000 $ 25,600 $ 103,000 $ 50,000 $ 228,000 $ 203,000 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.