Q7. The following information was taken from the accounting records of ABC company for last year- Particulars Amount in dollars Selling expenses 140,000 Raw materials inventory, January 1 90,000 Raw materials inventory, December 31 60,000 Utilities, factory 36,000 Direct labour cost 150,000 Depreciation, factory 162,000 Purchase of raw materials 750,000 Sales 2,500,000 Insurance, factory 40,000 Supplies, factory 15,000 Administrative expenses 270,000 Indirect labour 300,000 Maintenance, factory 87,000 Work in process inventory, January 1 180,000 Work in process inventory, December 31 100,000 Finished goods inventory, January 1 260,000 Finished goods inventory, December 31 210,000 Required- a. Prepare schedule of cost of goods manufactured (6 marks) b. Compute the cost of goods sold(4marks) c. Prepare an income statement (8 marks)