Tao Company had the following inventory balances at the beginning and end of the year: Raw material Work in process Finished goods January 1 December 31 $ 45,000 162,000 $26,500 218,000 360,000 287,000 During the year, the company purchased $180,000 of raw material and incurred $372,000 of direct labor costs. Other data: manufacturing overhead incurred, $530,000; sales, $1,700.000; selling and administrative expenses, $86.000: Income tax rate. 40%. Required: A. Calculate cost of goods manufactured. B. Calculate cost of goods sold. C. Determine Tao's net income. A Cost of goods manufactured B. Cost of goods sold C Net income