The accounting information system of Pro Fitness Equipment Ltd reported the following cost and inventory data for the year Costs incurred Raw materials purchased Direct labour Indirect labour Equipment maintenance Insurance on factory Rent on factory Equipment depreciation Factory supplies Advertising expenses Selling and administrative expenses Inventories Beginning balance Raw materials $8000 Work in process 11000 Finished goods 7000 $85000 115 000 45 000 5000 3000 15 000 8000 2 000 25000 18000 Ending balance $5 000 2000 3000 REQUIRED a Calculate the cost of goods manufactured. b Calculate the cost of goods sold. c List the costs not included in the calculations of cost of goods manufactured and cost of goods sold, and discuss why you excluded them from those calculations. d If raw materials and work in process inventories had increased during the year, would the financial statements be different? How