ABC Company as provided you with the following information Direct materials purchased $180,000 Direct materials used 130,000 Direct labour 290,000 Rent -95% factory related 100,000 45,000 Depreciation - 100% factory related Insurance -5% office related 30,000 Depreciation - Office equipment 20,000 Indirect labour - 100% factory 35,000 40,000 9,000 59,000 Taxes - 80% factory related Opening raw materials inventory - all direct materials Closing raw materials inventory - all direct materials Opening work in process inventory Closing work in process inventory Opening finished goods inventory Closing finished goods inventory 43,000 35,000 20,000 15,000 Sales 1,000,000 REQUIRED: You must show ALL your calculations to get FULL marks. If you do not show your calculations and your answer is correct you will not receive any marks. 1. Compute the cost of goods manufactured 2. Using your answer from 1 above, compute the cost of goods sold 3. Using your answer from 2 above, compute the gross profit 4. Compute the period costs 5. Using your answers from 3 and 4 above, compute the net income or loss for the period