1. Hamilton Company had the following inventory balances at the beginning and end of the year: Raw material Work in process Finished goods January 1 $ 50,000 130,000 280,000 December 31 $ 35,000 170,000 255,000 IN During the year, the company purchased $100,000 of raw material and incurred $340,000 of direct labor costs. Other data: manufacturing overhead incurred, $450,000; sales, $1,560,000; selling and administrative expenses, $90,000; income tax rate, 30%. Required: A. Calculate cost of goods manufactured (4 points) B. Calculate cost of goods sold (4 points). C. Determine Hamilton's net income (4 points)