QUESTION 2 (16 MARKS) Nana Corporation, a manufacturing company, produces a single information has been taken from the company's production, sales, and completed year. oduces a single product. The following chion, sales, and cost records for the just 11,600 1,200 RM520,000 Production in units Sales in units Ending finished goods inventory in units Sales Costs: Direct labor Raw materials purchased Manufacturing overhead Selling and administrative expenses RM36,000 RM192,000 RM120,000 RM152,000 Beginning of the year End of the year RM12,000 Inventories: Raw materials Work in process Finished goods RM8,000 RM20,000 Nil RM16,000 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)