1. The following information has been taken from the accounting records of ABC Corporation: Seling expenses $ 140,000 Raw materials inventory Jan 1 90,000 Raw material inventory Dec. 31 60,000 Direct labor 150,000 Purchases of raw material 750,000 Sales 2,500,000 Adm expenses 270,000 Manufacturing overhead 640,000 Work in process, Jan 1 180,000 Work in process Dec 31 100,000 Finished goods inv, Jan 1 260,000 Finished goods inv, Dec 31 210,000 INSTRUCTIONS: 1. COMPUTE THE PRODUCT COST 2. COST OF GOODS MANUFACTURED IN DOLLARS 3. PREPARE THE INCOME STATEMENT