Schedules of cost of goods manufactured and sold; income E2.30 Adelaide Aluminium Company, a manufacturer of recyclable inventory balances at the beginning and end of the current year: soft drink cans, had the following Inventory account Raw material Work in process Finished goods During the year, the company purchased $500000 of raw material and spent 31 December 1 January $120000 240000 300000 $140000 230000 330000 direct labour. Manufacturing overhead costs were as follows: $800000 on Indirect materials Indirect labour Depreciation on plant and equipment Electricity Other Sale $20000 50000 200000 50000 60000 s revenue was $2 210 000 for the year. Selling and administrative expenses for the year amounted to $220000. 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