The following data refer to Maximus Manufacturing Ltd for the current years:

Required:
Prepare Maximus manufacturings:
1. Schedule of cost of goods manufactured.
2. Schedule of cost of goods sold.
3. Income statement.

$2 526 000 Sales revenue 106 800 Raw material inventory, 1 January 877 200 Purchases of raw material 70 800 Raw material inventory, 31 December 568 800 Direct labour cost incurred 322 800 Selling and administrative expenses 180 000 Indirect labour cost incurred 108 000 Council rates 150 000 Depreciation on factory building 30 000 Income tax expense 54 000 Indirect material used 72 000 Depreciation on factory equipment Insurance on factory and equipment 48 000 Electricity for factory 84 000 Work in process inventory, 1 January Work in process inventory, 31 December 48 000 Finished goods inventory, 1 January 42 000 Finished goods inventory, 31 December 48 000