Question 4: (Total 9 marks) The following information is available for Tomlin Company. December 31, 2020 $30,000 17,200 21,000 January 1, 2020 2020 Raw materials inventory $21,000 Work in process inventory 13,500 Finished goods inventory 27,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Selling expenses 50,000 Administrative expenses 80,000 Required a. Determine cost of goods manufactured. (3 marks) b. Prepare an income statement (3 marks) c. Describe the differences between merchandising and manufacturing companies with respect to income statement and balance sheet