QUESTION 2 (16 MARKS) Nana Corporation, a manufacturing company, produces a single product. The following information has been taken from the company's production, sales, and cost records for the just completed year. Production in units Sales in units 11,600 Ending finished goods inventory in units Sales 1,200 RM520,000 anut Costs: Direct labor Raw materials purchased Manufacturing overhead Selling and administrative expenses RM36,000 RM192,000 0000 RM120,000 RM152,000 Beginning of the year End of the year Inventories: RM12,000 RM16,000 000.00 Raw materials Work in process Finished goods RM8,000 RM20,000 Nil The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is RM50 per unit. Required: a) Prepare a schedule of cost of goods manufactured for the year. (8 marks) b) Prepare the income statement for the year. (8 marks)