Question 2 The management Of Company ZZ wants these data organized in a better format so that financial statements can be prepared for the year. 1. Selling expenses RM150,000 2. Raw materials inventory, January 1 RM90,000 3. Raw materials inventory, December 31 RM60,000 4. Utilities, factory RM36,000 5. Direct labour cost RM150,000 6. Depreciation, factory RM162,000 7. Purchases of raw materials RM750,000 8. Sales RM2,400,000 9. Insurance, factory RM40,000 10. Supplies, factory RM15,000 11. Administrative expenses RM270,000 12. Indirect labour RM300,000 13. Maintenance, factory RM80,000 14. Work in process inventory, January 1 RM180,000 15. Work in process inventory, December 31 RM100,000 16. Finished goods inventory, January 1 RM260,000 17. Finished goods inventory, December 31 RM210,000 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Compute the cost of goods sold. 3. Prepare an income statement