The following details are from the accounting records of Gulf Shore Limited for the year ended April 30:

Required

1. Prepare a schedule of cost of goods manufactured for the year ended April 30.
2. Prepare the cost of goods sold section of Gulf Shore Limited's income statement for the year ended April 30.
3. Why does the cost of goods manufactured differ from cost of goods sold?

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Costs incurred: Direct labour..... Raw material purchases Indirect labour.. Maintenance, factory equipment.. Advertising expense. .... Insurance, factory equipment Sales staff salaries... Rent, factory facilities. Supplies, factory.. Depreciation, office equipment. Depreciation, factory equipment... Inventories: Raw materials. Work in process. Finished goods Beginning of Year $ 7,000 10,000 20,000 $ 70,000 118.000 30,000 6,000 90,000 800 50,000 20,000 4,200 3,000 19,000 End of Year $15,000 5,000 35,000