Week 1 The following data refer to Nani's Fashions for the current year: $475,000 15,000 20,000 75,000 45,000 90,000 Sales Revenues Work in process inventory, 31 December Work in process inventory, 1 January Selling and administrative expenses Income tax expense Purchase of raw materials Raw materials inventory, 31 December Raw material inventory. 1 January Direct labour Electricity: plant Depreciation plant and equipment Finished goods inventory, 31 December Finished goods inventory, 1 January 12,500 20,000 100,000 20,000 30,000 Indirect material 25,000 10,000 5,000 7,500 40,000 Indirect labour Other manufacturing overhead Required: a) Prepare the schedule of cost of goods manufactured for Nani's fashion. (3 marks) b) Prepare the schedule of cost of goods sold for Nani's Fashions and explain the information provided by the schedule of cost of goods sold. (4 marks) c) Prepare an income statement for the current year