Exercise 2-10 Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold [LO1, LO3, LO4] The following details are from the accounting records of Gulf Shore Limited for the year ended April 30: Costs incurred: Direct labour Raw material purchases i Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales staff salaries Rent, factory facilities Supplies, factory Depreciation, office equipment Depreciation, factory equipment $70,000 118,000 30,000 6,000 90,000 800 50,000 20,000 4,200 3,000 19,000 Beginning End of Inventories: Raw materials Work in process Finished goods Required: of Year Year $7,000 $15,000 10,000 5,000 20,000 35,000. 1. Prepare a schedule of cost of goods manufactured for the year ended April 30. Required: 1. Prepare a schedule of cost of goods manufactured for the year ended April 30. GULF SHORE LIMITED Schedule of Cost of Goods Manufactured For the year ended April 30 Direct materials: Raw materials used in production Manufacturing overhead: Total manufacturing overhead costs Total manufacturing costs Cost of goods manufactured 0 $ 0 0 0 0 $ 0 2. Prepare the cost of goods sold section of Gulf Shore Limited's income statement for the year ended April 30. 0 0 3. Why does the cost of goods manufactured differ from cost of goods sold