7) The following info is from QT Company's general ledger: Beginning Raw Materials inventory $ 5,000, Raw Materials Purchases $ 8,000, Ending Raw Materials inventory $ 6,000, Beginning Finished Goods inventory $ 10,000, Ending Finished Goods inventory $ 12,000, Direct Labor Costs $ 15,000, Manufacturing OH $ 12,000, Net Sales Revenue $ 100,000, Operating Expenses $ 48,000.

a) Calculate the Cost of Raw Materials Used.

b) Calculate the Cost of Goods Manufactured.

c) Calculate the Cost of Goods Sold.

d) Prepare an Income Statement.