Question 2 Cost of Manufacturing Statement (20 Marks) The following data refer to Portland Precision Engineering Co Ltd for the year ended 31 December 2018. Sales Revenue Raw material inventory, 1 January Purchases of raw materials Freight Inwards Raw material inventory, 31 December Direct labour costs incurred Selling and Administrative expenses $1,400,000 67,200 194,600 2,800 71,500 490,000 22,880 Indirect labour costs incurred Council rates Depreciation on factory machinery Income tax expense Indirect material used Depreciation on factory fittings Factory rent expense Advertising expense Other manufacturing expenses Insurance on factory and equipment Interest expense Sales salaries expense Electricity for factory Work in process inventory, 1 January Work in process inventory, 31 December Finished goods inventory, 1 January Finished goods inventory, 31 December 77,200 90,000 10,750 32,400 8,726 6,400 39,270 20,800 5,600 22,120 3,080 121,520 58,800 49,000 50,700 210,000 201,500 Required: 1. Prepare a cost of goods manufactured statement for the year ended 31 December 2018. This must be prepared in Excel and cut and pasted into your Word document. 2. What was the company's cost of sales for the year ended 31 December 2018? 3. What was the company's gross profit for the year ended 31 December 2018? 4. What was the company's net profit for the year ended 31 December 2018