Closing inventory (As on 31 Dec 2020) (8) 50,000 143,000 120,000 Information Cost incurred Beginning during 2020 (8) Inventory ($) (As on 1 January 2020 (8) Inventories Inventory - Materials 40,000 Inventory - Work-in Progress 100,000 Inventory - Finished Goods 100,000 Direct Materials purchased 1,000,000 Direct Labor 40% of direct material purchased Indirect Manufacturing overheads Materials handling costs 70,000 Lubricants 20,000 Indirect manufacturing labour 40,000 Depreciation on plant & equipment 36,000 Property taxes and insurance on 7,000 equipment Other Operating Costs Marketing promotions 132.000 Distribution costs 130,000 Customer service costs 128,000 Sales Information Number of Units sold 50.000 units Selling price per unit S 100 per unit (2) Prepare Income Statement of Campell Sports Goods Manufacturers for the year 2020 taking information given above in (A). Show the calculations for cost of materials, cost of goods manufactured, and cost of goods sold. (20 marks)