Alliance Inc. a manufacturer of recyclable soft-drink cans, had the following inventory balances at the beginning and end of the previous year: Inventory account 1 January 31 December Raw material on $ 134 000 $ 170 000 Work in process 270 000 280 000 Finished goods 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: Indirect materials $ 34 000 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: 1. Prepare a schedule of cost of goods manufactured. [5 marks] 2. Prepare a schedule of cost of goods sold. [4 marks] B. Prepare an income statement. [4 marks] 1:33 PM ENG 18/08/2021