The following information has been taken from the accounting records of ABC Corporation for the year ended December 2020: $ Royalty expense Administrative expense 130,000 110,000 Selling Expenses 150,000 Raw Materials, Inventory, January 1 2020 100,000 Raw Material, Inventory, December 31 2020 80,000 Utilities, factory 46,000 Direct Labour Cost 250,00 Depreciation, factory 152,000 Purchases of Raw Materials 760,000 Sales 1,800,000 Insurance, factory 30,000 Supplies, factory 20,000 Administrative expenses 170,000 Indirect Labour 200,000 Maintenance, factory 97,000 Work in Process Inventory, January 1 2020 150,000 Work in Process Inventory December 31 2020 120,000 Finished Goods Inventory, January 1 2020 280,000 Finished Goods, Inventory December 31 2020 240,000 Required: Prepare a schedule of cost of goods manufactured for the period ending December 31, 2020 Prepare the income statement showing the profit for the period ending December 31 2020
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