pritz1 Company, a soft-drink producers, had the following inventory balances at the beginning and end of the current year (in $):

Inventory account

1 January

31 December

Raw material

144000

168000

Work in process

288000

276000

Finished goods

360000

396000

During the year, the company has incurred the following costs (in $):

Raw material purchased

600000

Machine operators' wages

960000

Indirect materials

24000

Indirect labour

60000

Depreciation on plant and equipment

240000

Depreciation on office equipment

10000

Rental of office space for sales personnel

30000

Utilities for factory

60000

Utilities for office

10000

Other related-product cost

72000

Selling and administrative cost

264000

Sales personnel's commission

132600

Total overtime premiums paid to the machine operators in factory is 30% over the normal pay rate. Sales revenue was $2 952 000 for the year. The firm's tax rate is 30 per cent.

Required:

Prepare schedule of cost of goods manufactured.

Prepare schedule of cost of goods sold.

Make an income statement.