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In: AccountingThe following data from the just completed year are taken fromthe accounting records of Mason...The following data from the just completed year are taken fromthe accounting records of Mason Company: Sales$654,000Direct labor cost$80,000Raw material purchases$139,000Selling expenses$100,000Administrative expenses$40,000Manufacturing overhead applied to work in process$230,000Actual manufacturing overhead costs$204,000InventoriesBeginningEndingRaw materials$8,500$10,800Work in process$5,400$20,700Finished goods$78,000$25,800Required:1. Prepare a schedule of cost of goods manufactured. Assume allraw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold. Assume that thecompany's underapplied or overapplied overhead is closed to Cost ofGoods Sold.3. Prepare an income statement.