Inventory Classification	1st January	31st December	During the year
Raw material	65000	75000	250000 (Purchased)
Work In progress	120000	125000	-
Finished goods	160000	155000	-
Direct labor	-	-	450000 (Incurred)
Manufacturing overheads	-	-	200000 (Incurred)
Sales revenue	-	-	1210000
Administrative expenses	-	-	100000
Tax rate	-	-	35%

Required:

You are required to prepare the following schedules. 1. Schedule of cost of goods manufactured. 2. Schedule of cost of goods sold. 3. Income statement.