Premium Furniture Ltd specializes in living room leather furniture products. During the month of March, the company purchased $210,000 of raw materials. Direct labour hours worked during the period were 8,000 hours. The workers were paid $10 per hour. Direct expenses (high performance glue, etc.) of $22,000 were incurred. Manufacturing overheads for the month were $72,000. Each set of leIther sofa was sold for $9,500. Premium Furniture also incurred selling costs including sales commission of $155,000 and administration costs of $32,000. Stock information for the period is as follows: 1 March 201X 31 March 201X Raw materials stock $25,000 $45,000 $50,000 $24,000 Work-in-process stock Finished goods stock $10,400 $26,000 Required: a) Calculate the cost of goods manufactured for the month of March. [18 marks] b) Calculate the cost of one set of leather sofa, assuming 75 sets were completed during March [2 marks] c) Prepare an income statement for the month of March. [5 marks]