The following data refer to Sydney Manufacturing Pty Ltd for the current year

Sales revenue Raw material inventory, 1 January Purchase of raw material Raw material inventory, 31 December Direct labour cost incurred Selling and administrative expense Indirect Labour cost incurred Council rates Depreciation on factory building Income tax expense Indirect material used Depreciation on factory equipment Insurance on factory and equipment Electricity for factory Work in Process inventory, 1 January Work in Process inventory, 31 December Finished goods inventory, 1 January Finished goods inventory, 31 December

Required (Maximum 250 words for Question B)

$2,546,000 106,800 877,200 70,800 568,800 322,800 180,000 108,000 150,000 30,000 54,000 72,000 48,000 84,000

0 48,000 42,000 48,000

Prepare Schedule of cost of goods sold and Income statement. (5 Marks)