The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 651,000

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The following data from the just completed year are taken from
the accounting records of Mason Company: Sales $ 651,000 Direct
labor cost $ 89,000 Raw material purchases $ 132,000 Selling
expenses $ 109,000 Administrative expenses $ 45,000 Manufacturing
overhead applied to work in process $ 225,000 Actual manufacturing
overhead costs $ 210,000 Inventories Beginning Ending Raw materials
$ 9,000 $ 10,500 Work in process $ 5,900 $ 20,800 Finished goods $
71,000 $ 25,900
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.