The following information has been taken from the accounting books of ABC Ltd for 2020:

Selling expenses	140 000
Raw materials inventory, January 1	90 000
Raw materials inventory, December 31	60 000
Direct Labour cost	150 000
Purchases of raw material	750 000
Sales	2 500 000
Administrative expenses	270 000
Manufacturing overhead	640 000
Work in progress inventory, January 1	180 000
Work in progress inventory, December 31	100 000
Finished goods inventory, January 1	260 000
Finished goods inventory, December 31	210 00

Required:

1. Prepare a schedule of cost of goods manufactured. Assume raw materials consist entirely of direct material (8 marks)

1. Compute the cost of goods sold and prepare the ABCS INCOME STATEMENT (8marks)