1) The following information has been taken from the accounting records of ABC Corporation: Selling Expenses Raw Materials Inventory Jan. 1 Raw Material Inventory Dec. 31 Direct Labor Purchases of Raw Material Sales Administrative Expenses Manufacturing Overhead Work in Process, Jan. 1 Work in Process, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 $140,000 90,000 60,000 150,000 750,000 2,500,000 270,000 640,000 180,000 100,000 260,000 210,000 Instructions a) Compute the Product Cost b) Cost of Goods Manufactured in dollars c) Prepare the Income Statement