The following information has been taken from the accounting records of Klear-Seal Corporation for the last year:

	$
Selling Expenses	140,000
Raw Materials, January 1	90,000
Raw Materials, December 31	60,000
Utilities, factory	36,000
Direct Labour Cost	150,000
Depreciation, factory	162,000
Purchases of Raw Materials	750,000
Sales	2,500,000
Insurance, factory	40,000
Supplies, factory	15,000
Administrative expenses	270,000
Indirect Labour	300,000
Maintenance, factory	87,000
Work in Process, January 1	180,000
Work in Process, December 31	100,000
Finished Goods, January 1	260,000
Finished Goods, December 31	210,000

Required:

Prepare a schedule of cost of goods manufactured for the period ending December 31, 2016

Prepare the income statement showing the profit December 31 2016 (30 marks)