The accounting records of Bronco Company revealed the following information:

Raw material used: $60,000

Indirect materials: $10,000

Direct labor: $125,000

Depreciation plant and equipment: 300,000

Insurance and taxes: 90,000

Beginning work in process: 60,000

Beginning finished goods inventory: 190,000

Ending work in process inventory: 80,000

Ending finished goods inventory: 150,000

Ending raw material inventory: 20,000

Advertising expense: 20,000

Other operating expense: 10,000

Sales revenue: 2,000,000

Required

1) Compute Broncos cost of goods manufactured

2) Compute Bronco's cost of goods sold.

3) Compute Bronco's gross income (use income statement format)

4) Compute Bronco's net income (use income statement format)

5) The balance sheet for Bronco, will show ending inventory of _______?