The following details are from the accounting records of Gulf Shore Limited for the year ended April 30: Costs incurred: Direct labour Raw material purchases Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales staff salaries Rent, factory facilities Supplies, factory Depreciation, office equipment Depreciation, factory equipment $ 70,000 118,000 30,000 6,000 90,000 800 50,000 20,000 4,200 3,000 19,000 Beginning End of of Year Year Inventories: Raw materials Work in process Finished goods $ 7,000 $15,000 10,000 5,000 20,000 35,000 Required: 1. Prepare a schedule of cost of goods manufactured for the year ended April 30. GULF SHORE LIMITED Schedule of Cost of Goods Manufactured For the year ended April 30 Required: 1. Prepare a schedule of cost of goods manufactured for the year ended April 30. GULF SHORE LIMITED Schedule of Cost of Goods Manufactured For the year ended April 30 Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Raw materials available for use Deduct: Raw materials inventory, ending Raw materials used in production Direct labour Manufacturing overhead: Total manufacturing overhead costs Total manufacturing costs 2. Prepare the cost of goods sold section of Gulf Shore Limited's income statement for the year ended April 30. 3. Why does the cost of goods manufactured differ from cost of goods sold