P4.38 Schedules of cost of goods manufactured and sold; income statement: manufacturer The following data refer to Industrial Manufacturing Pty Ltd for the current year: LO4.7 Sales revenue $3 157 500 Raw material inventory, 1 January 133 500 Purchases of raw material 1 096 500 Raw material inventory, 31 December 88 500 Direct labour cost incurred 711 000 Selling and administrative expenses 403 500 Indirect labour cost incurred 225 000 Council rates 135 000 Depreciation of factory building 187 500 Income tax expense 37 500 Indirect material used 67 500 Depreciation of factory equipment 90 000 Insurance on factory and equipment 60 000 Electricity for factory 105 000 Work in process inventory, 1 January 0 Work in process inventory, 31 December 60 000 Finished goods inventory, 1 January 52500 Finished goods inventory, 31 December 60 000 Applied manufacturing overhead 866 250