QUESTION 1 (20 MARKS) The following data (in thousands of dollars) have been taken from the accounting records of Larsen Corporation for the just completed year. Sales $860 Purchases of raw materials. $150 Direct labor $110 Manufacturing overhead. $210 Administrative expenses $130 Selling expenses..... $180 Raw materials inventory, beginning $40 Raw materials inventory, ending. $80 Work in process inventory, beginning $20 Work in process inventory, ending. $80 Finished goods inventory, beginning... Finished goods inventory, ending. $150 $80 a. Prepare a Schedule of Cost of Goods Manufactured in good form. (10 marks) b. Compute the Cost of Goods Sold. (5 marks) c. Using data from your answers above as needed, prepare an Income Statement in good form