The following data refer ti Nani's fashion for the current year:

Sales revenues : $475,000

work in process inventory, 31 Dec : 15,000

work in process inventory, 1st January : 20,000

Selling and administrative expenses : 75,000

Income tax expense : 45,000

Purchase of raw materials : 90,000

Raw materials inventory ,31 Dec : 12,500

Raw material inventory 1 Jan : 20,000

Direct labour : 100,000

Electricity ; plant : 20,000

Depreciation plant and equipment 30,000

Finished goods inventory , 31st Jan : 25,000

Finished goods inventory , 1st Jan 10,000

Indirect material : 5,000

Indirect labour: 7,500

Other manufacturing overhead : 40,000

Required :

Prepare the schedule of cost of goods manufactured for nani's Fashion

Prepare the schedule of cost of goods sold for nani's Fashions and explain the information provided by schedule of cost of goods sold

Prepare an income statement for the current year