QlThc foliowing data refer to Sydney biannfacturing Pt}r Ltd for the current year Bates revenue $2,540,000 Raw materiai inventory, 1 january 106,800 Purchase of raw material 822,200 Raw material inventory, 31 December 20,800 Direct labour cost incurred 558,800 Selling and administrative expense 322,800 Indirect Labour cost incurred 180,000 Council rates 108,000 Depreciation on factory building 150,000 Income tax expense 30,000 Indirect material used 54,000 Depreciation on factory equipment 22,000 Insurance on factory and equipment 48,000 Electricity for factory 84,000 Work in Process inventory, 1 January 0 Work in Process inventory, 31 December 18,000 Finished goods inventory, 1 January 42,000 Finished goods inventory, 31 December 48,000 Required {Maximum 250 words for Question 8] )1. Prepare Schedule of cost of goods sold and Income statement. [5 Marks} 8. 1I.|'1.ihat is the relationship between the Schedule of Cost goods manufactured and co st of goods sold in Sydney Manufacturing Pty ltd? [5 Marks}