Australian Aluminium Company, a manufacturer of recyclable soft-drink cans, had the following inventory balances at the beginning and end of the current year: Inventory account 1 January 31 December Raw material $ 144 000 $ 168 000 Work in process 288 000 276 000 Finished goods 360 000 396 000 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 $ 24 000 Indirect labour 60 000 Depreciation on plant and equipment 240 000 Electricity 60 000 Other 72 000 Sales revenue was $2 652 000 for the year. Selling and administrative expenses for the year amounted to $264 000. The firms tax rate is 40 per cent. Required: Prepare a schedule of cost of goods manufactured. Prepare a schedule of cost of goods sold. Prepare an income statement.