Problem 2-9 You have the following information about the activities of ABC Inc. for 2016 Sales Factory maintenance Indirect labour Direct Material purchases Factory utilities Ending Direct materials General and Administrative expense Beginning work-in-process inventory Beginning finished goods inventory Ending work-in-process inventory Ending finished goods inventory Beginning direct material inventory Selling Expenses Direct labour Factory insurance Indirect Materials Amortization-Factory 500,000 24,000 19,000 98,000 17,000 16,000 71,200 26,000 63,000 34,000 44,600 13,000 67,600 83,000 9,000 7,600 30,000 Required: 1. What was the ending direct material inventory? 2. What was the total manufacturing cost? 3. What was the cost of goods manufactured? 4. What was the cost of goods sold? 5. Based on all the answers above, please calculate the net income for 2016