3. Following information is extracted from the records of ABC Manufacturing: a) Raw material consumed during the period is $60,000. Beginning inventory of raw material was $5,000 which has been increased by $2,000 in ending inventory. b) Total manufacturing cost was reported as $150,000. As a rule, direct labor cost of ABC results 40% of conversion cost. c) There was no beginning inventory of work-in process; however, ending work-in process is valued at $5,000. d) The company has produced a total of 10,000 units during the period and only 8,000 units were sold during the period. However, there was no beginning finished goods inventory. e) Gross margin of the company is 40% and net margin is 20% Required: Prepare statement of cost of goods manufactured, schedule of cost of goods sold and income statement. (6 Marks)