Prepare a schedule of the cost of goods manufactured and the cost of goods sold sections of the

company's annual income statement from the following selected account balances of the ABC

company for the year ended December $31$: $(6$ Marks$)$

Selling and administrative salaries $..........$ $$110,000$

Purchases of raw materials $.................$ $$290,000$

Direct labour $..............................................$

Advertising expense $.......................................$ $$8000$

Manufacturing overhead $...................$ $$270,000$

Sales commissions $....................$ $$50,000$

Beginning and ending inventory balances of the year are:

Additional Information: $,$ Manufacturing costs for the year are $$683,000,$

the total goods available for sale $$740,000,$

and the cost of goods sold $$660,000.$