Do required 1, 2, & 3

The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 654,000 $ 87,000 $ 131,000 $ 109,000 $ 45,000 $ 206,000 $ 222,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,500 $ 5,900 $ 79,000 Ending $ 10,800 $ 20,700 $ 25,000 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 Goods Sold. 3. Prepare an income statement