Mason Company provided the following data for this year: Sales $ 656,000 Direct labor cost $ 81,000 Raw material purchases $ 130,000 Selling expenses $ 105,000 Administrative expenses $ 47,000 Manufacturing overhead applied to work in process $ 228,000 Actual manufacturing overhead costs $ 205,000 Inventories Beginning Ending Raw materials $ 8,300 $ 10,500 Work in process $ 5,100 $ 20,800 Finished goods $ 71,000 $25,800 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.

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