P2.39 LO 2.10 Schedules of cost of goods manufactured and sold; income statement The following data refer to Maximus Manufacturing Ltd for the current year: Sales revenue Raw material Inventory, 1 January Purchases of raw material Raw material inventory, 31 December Direct labour cost incurred Selling and administrative expenses Indirect labour cost incurred Council rates Depreciation on factory building Income tax expense Indirect material used Depreciation on factory equipment $1268000 53 400 438 600 35 400 284 400 161 400 90000 54000 300000 15000 27000 36000 Insurance on factory and equipment 24000 Electricity for factory 42000 Work in process inventory, 1 January 0 Work in process Inventory, 31 December 24000 Finished goods inventory, 1 January 21000 Finished goods inventory, 31 December Required Prepare Maximus Manufacturing's: 1. schedule of cost of goods manufactured 2. schedule of cost of goods sold 3. income statement. 24000