Sales revenue was $1 210 O0o for the year. Selling and administrative costs for the year amounted to $105 000. The firm's tax rate is 35 per cent. Required: Prepare a schedule of cost of goods manufactured. 2 Prepare a schedule of cost of goods sold. 3 Prepare an income statement Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost DR schedules and the income statement will change if the following data change: direct labour is $410 000 and utilities cost $24 000. E2.30 Schedules of cost of goods manufactured and sold; income statement: manufacturer Australian Aluminium Company, a manufacturer of recyclable soft-drink cans, had the following inventory balances at the beginning and end of the current year LO2.10 laventory account 1 January 31 December Raw material $144 000 $168 000 Work in process 288 000 276 000 Finished goods 360000 396 000 During the year, the company purchased $600 000 of raw material and spent $960 o00 on direct labour. Manufacturing overhead costs were as follows: Indirect materials $24 000 Indirect labour 60 000 Depreciation on plant and equipment 240 000 Electricity 60000 Other 72 000 Sales revenue was $2 652 000 for the year. Selling and administrative expenses for the year amounted to $264 000. The firm's tax rate is 40 per cent. Required: 1 Prepare a schedule of cost of goods manufactured. 2 Prepare a schedule of cost of goods sold. 3 Prepare an income statement