The following data is from the accounting records of Padcore Ltd. for the year just ended:

Administrative expenses

64,000

Administrative salaries

110,000

Depreciation, factory

25,000

Depreciation, office equipment

8,000

Direct labour

400,000

Factory equipment maintenance

15,000

Factory supervisor's salary

80,000

Insurance, factory

22,000

Raw materials purchased

260,000

Sales

1,700,000

Sales salaries and commissions

120,000

Selling expenses

40,000

Supplies, factory

9,000

Utilities, factory

12,000

Beginning of

End of

the Year

the Year

Raw Materials

20,000

35,000

Work in process

40,000

30,000

Finished goods

65,000

40,000

Calculate the cost of goods manufactured, cost of goods sold and net income for the year just ended.