III ABC Company as provided you with the following information Direct materials purchased Direct materials used Direct labour Rent -90% factory related Depreciation - 100% factory related Insurance - 10% office related Office salaries Indirect labour - 100% factory Taxes - 80% factory related Opening raw materials inventory - all direct materials Closing raw materials inventory - all direct materials Opening work in process inventory Closing work in process inventory Opening finished goods inventory Closing finished goods inventory $180,000 150,000 300,000 100,000 45,000 30,000 90,000 35,000 40,000 10,000 40,000 43,000 35,000 22,000 15,000 1,000,000 60,000 Sales Office salaries REQUIRED You must show ALL your calculations to get FULL marks, If you do not show your calculations and your answer is correct you will not receive any mark 1. Compute the cost of goods manufactured 2. Using your answer from 1 above, compute the cost of goods sold Using your answer from 2 above, compute the gross profit 4. Compute the period costs 5. Using your answers from 3 and 4 above, compute the net income or loss for the period. 3