E2.30 LO 2.10 Schedules of cost of goods manufactured and sold; income statement: manufacturer Bandwidth Company, a manufacturer of electronic components, had the following inventory balances at the beginning and end of the current year: Inventory account Raw material Work in process Finished goods 1 January $288000 576000 720000 31 December $336000 552000 792000 During the year, the company purchased $1200000 of raw material and spent $1920000 on direct labour. Manufacturing overhead costs were as follows: Indirect materials Indirect labour Depreciation on plant and equipment Electricity Other $ 48000 120000 480000 120000 144000 Sales revenue was $5304000 for the year. Selling and administrative expenses for the year amounted to $528000. The firm's tax rate is 30 per cent. Required 1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement.