Question) Beginning Ending Direct materials $65,000 $60,000 Work in progress 80,000 90,000 Finished goods 130,000 160,000 Additional information- Purchase of raw materials (all direct materials) $ 6,720,000 Utility bills incurred in the factory 400,000 Direct labour 793,000 Indirect labour 190,000 Selling and administrative salaries 190,000 Maintenance costs incurred in the factory 350,000 Indirect materials used in manufacturing 120,000 Advertising costs incurred 230,000 Miscellaneous selling and administrative costs incurred 150,000 Sales for the year 13,020,000 Depreciation expense (Note 1) 850,000 Rental costs on the buildings (Note 2) $ 1,020,000 Note 1: Depreciation expense: 90% relates to factory assets, and the remainder relates to selling and administrative assets. Note 2: Rental costs on the buildings: 85% of the space is occupied by the factory and 15% is occupied by sales and administration. Required a. (8 marks) Prepare a schedule of cost of goods manufactured for the year. b. (7 marks) Prepare an income statement for the year