You have the following information about the activities of ABC Inc. for 2016Sales500,000Factory maintenance24,000Indirect labour19,000Direct Material purchases98,000Factory utilities17,000Ending Direct materials 16,000General and Administrative expense71,200Beginning work-in-process inventory26,000Beginning finished goods inventory63,000Ending work-in-process inventory34,000Ending finished goods inventory44,600Beginning direct material inventory13,000Selling Expenses67,600Direct labour83,000Factory insurance9,000Indirect Materials7,600Amortization-Factory30,000Required: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