#3: The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 654,000 Direct labor cost $ 82,000 Raw material purchases $ 133,000 Selling expenses $ 104,000 Administrative expenses $ 42,000 Manufacturing overhead applied to work in process $ 204,000 Actual manufacturing overhead costs $ 227,000 ________________________________________ Inventories Beginning of Year End of Year Raw materials $ 8,400 $ 10,100 Work in process $ 6,000 $ 20,000 Finished goods $ 78,000 $ 25,100 ________________________________________ 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. 3. Prepare an income statement.