Determining the cost of inventory Initial recognition (educational target 6-7) (average - 20 minutes) The Innovative Control Company was established and started its activities early in January 2016 to manufacture electronic traffic control devices. The company purchased a small factory and an administrative building in a new industrial yard and began operating immediately. The following are the general ledger account balances as at December 31, 2016: General ledger account Amount $ 7,000 7,000 commission Sales of supervisors' salaries, production manager executive salaries, raw material purchases 100,000 12,200 materials and miscellaneous plant assignments Depreciation of the administration building 10,000 Depreciation of the factory, and machinery Building taxes (1/5 for the administrative building, 4/5 for the factory buildings) Sales 7,000 Cost of direct work 7,000 14,200 Raw materials stock, on December 31, public utilities expenditures (1/10 relating to offices) General Administrative 20,000 2,200 December 2013, there was no production in progress, but 20% of the manufactured units remained in stock at the end of the period from full production. The company uses the straight-line method to calculate depreciation. In the required 31: a- Calculating the cost of goods sold and the end-of-period inventory of finished production in light of international financial reporting standards. B- Preparing the income statement for the company for the year ending on 31 December 2017.