Sales $ $659,000$ Direct labor cost $ $81,000$ Raw material purchases $ $135,000$ Selling expenses $ $100,000$ Administrative expenses $ $43,000$ Manufacturing overhead applied to work in process $ $203,000$ Actual manufacturing overhead costs $ $225,000$ Inventories Beginning Ending Raw materials $ $8,500$ $ $10,800$ Work in process $ $5,400$ $ $20,600$ 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.