4 Alliance Inc. a manufacturer of recyclable soft-drink cans, had the following inventory balances at the beginning and end of the previous year. d out of 1 January 31 December $ 134 000 $ 170 000 question Inventory account Raw material Work in process Finished goods 270 000 280 000 350 000 386 000 During the year, the company purchased $600 000 of raw material and spent $960 000 on direct labour. Manufacturing overhead costs were as follows: $ 34 000 Indirect materials Indirect labour 50 000 Depreciation on plant and equipment 260 000 Electricity 80 000 Other 82 000 Sales revenue was $2 860 000 for the year. Selling and administrative expenses for the year amounted to $270 000. The firm's tax rate is 30 per cent. Required: Prepare a schedule of cost of goods manufactured. 15 marks) Prepare a schedule of cost of goods sold. [4 marks] 3. Prepare an income statement. 1 z [4 marks) (13 marks)