Toronto Company is a fairly new company that began its operations on June 1, 2020. Toronto Company manufactures summer jackets. At the end of June, 2020 the following information was compiled:

Administrative Expense $25,000

Direct Labour $10,000

Ending Finished Goods $8,000

Ending Raw Materials $20,000

Ending Work-in-Process $7,000

Manufacturing Overhead $6,000

Raw Material Purchases $50,000

Sales Revenue $120,000

Selling Expense $30,000

Please answer the following TWO questions:

a) Prepare a schedule of cost of goods manufactured for June (10 marks)

b) Prepare an income statement for June (8 marks)