Question 1: Cost of goods manufactured and income statement Mark Taylor Chocolate factory produced the following data for the current year Sales revenue $2280000 Work in process inventory, 31 December 72000 Work in process inventory, 1 January 96000 216000 432000 60000 96000 480000 96000 144000 120000 48000 24000 36000 192000 200000 20000 80000 60000 Income tax expense Purchases of raw materials Raw material inventory, 31 December Raw material inventory, 1 January Direct labour Electricity: factory Depreciation: plant and equipment Finished goods inventory, 31 December Finished goods inventory, 1 January Indirect material Indirect labour Other manufacturing overhead Office salaries Office Utilities Sales Commissions Office rent Required: Prepare the schedule of cost of goods manufactured. Prepare the schedule of cost of goods sold. Prepare the income statement