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ACTIVITIES 1. Ziscosteel, a manufacturer of recyclable plastic bags, had the following inventory balances at the beginning of 2012 INVENTORY CLASSIFICATION 1-Jan- 31-Dec- 18 18 Raw Material 40,000.00 50,000.00 Work In Progress 180,000.00 139,000.00 Finished Goods 150,000.00 165,000.00 During the year, the company purchased $250 000 of raw material and spent $400 000 on direct labor. The manufacturing overhead costs were as follows: indirect material Indirect labor 50,000.00 25,000.00 13,000.00 Depreciation on plant equipment Utilities 25,230.00 Other 30,000.00 MF 12 Managerial According Sales revenue for the year was $1 105 000.00. Selling and administrative expenses for the year amounted to 1100 00.00. The firm's tax rate is 40%. a) Prepare a schedule for Prepare a schedule of cost of goods manufactured b) Establish the cost of goods sold c) Construct an income statement 2) Evaluate how both cost schedules and income statement will change if the following data changes: i) ii) Direct labour is 690000.00 Utilities cost is 115000.00