Exercises 33 ABC manufacturing company begins the period with $5 in Materials Inventory, $15 in Work-in-Process Inventory, and $10 in Finished Goods Inventory. During the period, it purchases $50 of materials, uses $55 of materials and $70 of direct labour, and spends $90 for factory overhead. During the period, $210 of goods are completed and transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account, and $215 of goods are sold. Manufacturing firm has $290 sales and $50 of selling expense for the manufacturing firm. Create Cost of Goods Manufactured Statement and Income Statement. 25/09/2020