3. Jam James business incurred the following costs while manufacturing its product for fiscal year 2017. Fiscal year ends every 31st December. RM Materials used 135,000 Advertising expense 45,000 Depreciation on plant 60,000 Property taxes on plant 19,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line operators 110,000 Sales commissions 35,000 Factory supplies used 25,000 Salaries paid to sales clerks 50,000 Work-in-process inventory, 1st January 17,500 Work-in-process inventory, 31st December 14,000 Finished goods inventory, 1st January 60,500 Finished goods inventory, 31st December 42,000 Required: (a) Prepare statement of cost of goods manufactured. (b) Determine cost of goods sold for period ended 31/12/2017