Q2. The following data refer to Quest Ltd for the current year: Sales Revenues $575 000 Work in process inventory, 31 December 20 000 Work in process inventory, 1 January 25 000 Product promotion cost 30 000 Rental of office space for sales personnel 20 000 Cost of idle time: sales employees 20 000 Income tax expense 60 000 Purchase of raw materials 95 000 Raw materials inventory, 31 December 17 500 Raw material inventory. 1 January 25 000 Direct labour 105 000 Electricity: plant 25 000 Depreciation plant and equipment 35 000 Finished goods inventory, 31 December 30 000 Finished goods inventory, 1 January 15 000 Indirect material 5 000 Indirect labour 7 500 Production supervisor's salary 40 000 2 Required: a) Prepare the schedule of cost of goods manufactured for Quest Ltd. b) Prepare the schedule of cost of goods sold for Quest Ltd. c) make a income statement for Quest Ltd for the current year.