equired: c) Prepare an income statement for the month of March. ( 5 marks )

Premium Furniture Ltd specializes in living room leather furniture products. During the month of March, the company purchased $210,000 of raw materials. Direct labour hours worked during the period were 8,000 hours. The workers were paid $10 per hour. Direct expenses (high performance glue, etc.) of $22.000 were incurred. Manufacturing overheads for the month were $72,000. Each set of leather sofa was sold for $9,500. Premium Furniture also incurred selling costs including sales commission of $155,000 and administration costs of $32,000. Stock information for the period is as follows: 1 March 2018 31 March 2018 I $45,000 Raw materials stock $25,000 Work-in-process stock $50,000 Finished goods stock $10,400 $24,000 $26,000 Required: foods manufactured for the month of March. (1 marks Premium Furniture Ltd specializes in living room leather furniture products. During the month of March, the company purchased $210,000 of raw materials. Direct labour hours worked during the period were 8,000 hours. The workers were paid $10 per hour. Direct expenses (high performance glue, etc.) of $22.000 were incurred. Manufacturing overheads for the month were $72,000. Each set of leather sofa was sold for $9,500. Premium Furniture also incurred selling costs including sales commission of $155,000 and administration costs of $32,000. Stock information for the period is as follows: 1 March 2018 31 March 2018 I $45,000 Raw materials stock $25,000 Work-in-process stock $50,000 Finished goods stock $10,400 $24,000 $26,000 Required: foods manufactured for the month of March. (1 marks