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COST OF GOODS MANUFACTURED & INCOME STATEMENT 0. No. 01 The Nainoor Industries submits the following information on June 30, 1987 Sales for the year 250,000 Raw Material Inventory July 1, 1986 13,000 Finished Goods Inventory July 1, 1986 58,000 Purchases 102,000 Purchases return 2,000 Direct Labour 39,000 Power, Heat and Light 2,000 Indirect Material Consumed 4,000 Depreciation Plant 3,500 Machinery 6,000 Tool Expenses 3,000 Indirect Labour 1,000 Fire Insurance 250 Miscellaneous Manufacturing Costs 500 Work in Process:- July 1, 1986 12,000 June 30, 1987 16,000 Raw Material Inventory June 30, 1987 19,000 Finished Goods Inventory June 30, 1987 56,500 Other Expenses for the year Selling expenses 15% of sales General expenses 5% of sales Required: Prepare Income Statement for the year ended June 30, 1987