(15, 16) Sharjah Corporation had the following activities during 2007: Raw Materials: Inventory January 1, 2007 Purchases of raw materials Inventory December 31,2007 200,000 318,000 210,000 Direct manufacturing labour 180,000 Utilities: plant 50,000 Depreciation: plant and equipment 40,000 Indirect materials 30,000 Indirect labour 150,000 Other manufacturing overhead 60,000 Sales revenues 1,250,000 Selling and administrative expenses 150,000 Income tax rate 30% Work in progress inventory, December 31,2007 120,000 Work in progress inventory, January 1,2007 64,000 Finished goods inventory, january 1, 2007 80,000 Finished goods inventory, December 31,2007 150,000 15. Prepare a schedule of cost of goods manufactured for 2007 16. Prepare a schedule of cost of goods sold for 2007