SKM had the following inventory balances at the beginning and end of the year Raw materials Work in process Finished goods Beginning inventory ($) 50,000 32.000 80.000 Ending inventory (5) 30,000 20,000 55,000 During the year, the company purchased $70,000 of raw material and spent $40,000 on direct labour. Other data, manufacturing overhead incurred. S16,000 sales $500,000R$ 16,000 selling and administrative expenses. $20,000 CALCULATE: a) Calculate cost of goods manufactured b) Calculate cost of goods sold. C) Determine ERSB's net income