Hi Could someone please explain this question to me please.

My answer to the Schedule of goods Manufactured is $ 2066000

Schedule of Goods sold is $ 2048000

Income statement profit before taxation is 318000

I want to double check if my answers are correct.

Thanks in advance

Question 2Cost Flows and Income Statement [22 marks] LTC Company, a manufacturing firm, had the following inventory balances at the beginning and end of the current year. $ Inventory Account: Work-in-process inventory, 1 January 2019 Work-in-process inventory, 31 December 2019 Raw materials inventory, 1 January 2019 Raw materials inventory, 31 December 2019 Finished goods inventory, 1 January 2019 Finished goods inventory, 31 December 2019 288,000 286,000 150,000 158,000 370,000 388,000 During the year, the company purchased $620,000 of raw materials and spent $970,000 on direct labour. The actual machine hours incurred was 31,850 hours. Manufacturing overhead costs were as followed: Indirect Material Indirect Labour Depreciation on Plant and Equipment Electricity Other $ 26,000 64,000 250,000 66,000 76,000 LTC Company allocates manufacturing cost to work in process on the basis of machine hours. The budgeted manufacturing overhead for the year was $480,000 and the budgeted machine hours were 32,000 hours. Sales revenue was $2,640,000 for the year. Sales and administrative expenses amounted to $274,000. Required: Show ALL your workings. (i) Prepare a Schedule of Cost of Goods Manufactured for 2019 as per Exhibit 4.15 (p. 158) of the textbook. (9 marks) (ii) Prepare a Cost of Goods Sold Report, textbook. 2019 as per Exhibit 4.16 (p. 158) of the (5 marks) (iii) Prepare an Income Statement for 2019, as per Exhibit 4.17 (p.159) of the textbook. (4 marks) (iv) Explain the differences between a prime and conversion cost. (2 marks) (v) Explain the difference between a product cost and a non-manufacturing cost. (2 marks)