The following transactions relate to Mammoth Product Company for the year ended December 31, 2012:

Prepare the following:

a. Cost of goods manufactured statement

b. Cost of goods sold statement

c. Statement of comprehensive income Calculate the value of inventory to be shown in the statement of financial position.

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Transaction Sales revenue Purchases of raw materials Revenue/Expense $900,000 250,000 Direct factory labour 450,000 Factory rental 75,000 Depreciation of plant and equipment 50,000 Factory light and power 25,000 Salaries and wages of factory labour 100,000 Selling and administrative expenses 75,000 Opening inventory January 1 Finished goods 150,000 Work in process 300,000 Raw materials 100,000 Closing inventory December 31 Finished goods 250,000 Work in process 400,000 Raw materials 150,000