Selected account balances of Manufacturing Company appear below for 20XX: Beginning of year $20,000 30,000 46,000 Finished goods inventory Work in process inventory Raw materials inventory Sales Direct labour Factory supervisory salaries Income tax expense Factory insurance Raw material purchases Administrative expenses Sales returns and allowances Factory depreciation expense Indirect labour Selling expenses End of year $ 26,000 35,000 26,000 340,000 55,000 18.000 25,000 12.000 90,000 27,000 15,000 22.000 11,000 35.000 Required Using the above information for Manufacturing Company, answer the following questions. Support your answers with dearly identified formula and computations or a schedule in a required format 1. 2. 3. Calculate the amount of direct materials used in production Calculate the total manufacturing costs incurred Calculate the cost of goods manufactured Calculate the cost of goods sold Calculate the amount of net income 5. Selected account balances of Manufacturing Company appear below for 20XX: Beginning of year $20,000 30,000 46,000 Finished goods inventory Work in process inventory Raw materials inventory Sales Direct labour Factory supervisory salaries Income tax expense Factory insurance Raw material purchases Administrative expenses Sales returns and allowances Factory depreciation expense Indirect labour Selling expenses End of year $ 26,000 35,000 26,000 340,000 55,000 18.000 25,000 12.000 90,000 27,000 15,000 22.000 11,000 35.000 Required Using the above information for Manufacturing Company, answer the following questions. Support your answers with dearly identified formula and computations or a schedule in a required format 1. 2. 3. Calculate the amount of direct materials used in production Calculate the total manufacturing costs incurred Calculate the cost of goods manufactured Calculate the cost of goods sold Calculate the amount of net income 5