CACC406 View Cut Copy Format Arial 14 A-AN The following information has been extracted from the records of ABC Co Sales revenue Finished goods, Jenuary 1, 2017 Direct material, January 1, 2017 760,000 16,000 32,000 72,000 income tax exp nses Finished goods, December 31, 2017 Work-in-process, January 1, 2017 40,000 32,000 20,000 24,000 144,000 160,000 . Diect material, December 3 1 , 2017 Work-in-process, December 31, 2017 Purchase of direct material Direct labor Indirect manufacturing labor Seling and administrative expenses Amortization- Plant, property and equipment Other manufacturing overhead 12,0001 120,000 48,000 64,000 8,000 Indirect material Required: a) Compute the cost of direct materials used in production. (3 Marks) Compute the cost of goods manufactured (5 Marks) b) Compute the Cost of Goods Sold for the year. 2 Marks Compute the net income after taxes for the year (3 Marks) Compute prime cost (1 Mark) Compute conversion cost (1 Mark) Marks 01 02 ?? 04 05 Q6