1 (6 marks) XYZ, a manufacturer of recyclable soft drink cans, had the following inventory balances at the beginning and end of the current year: Inventory account 1 January 31 December Direct raw material $20 000 $40 000 Work in progress 140 000 130 000 Finished good 200 000 230 000 During the year, the company purchased $500 000 of direct raw material and spent $800 000 on direct labour and $550 000 on manufacturing overhead costs in total. Sales revenue was $2 210 000 for the year. Selling and administrative expenses for the year amounted to $220 000. The firm's tax rate is 40 per cent. Required: 1. Prepare a schedule of cost of goods manufactured for the year. (2 marks) 2. Prepare a scheduled of cost of goods sold for the year. (2 marks) 3. Prepare an income statement for the year. (2 marks)