Smart Manufacturing Systems Pty Ltd uses a periodic inventory system and closes its accounts on 30 June each year. The company’s closing entries made on 30 June 2025 were as shown below.

Required

(a) Prepare a cost of goods manufactured statement for the year ended 30 June 2025.

(b) Prepare an income statement for the year ended 30 June 2025.

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June 30 30 Manufacturing summary Raw materials inventory Work in process inventory Raw materials purchases Freight inwards Direct labour Factory overhead Raw materials inventory Work in process inventory 810 120 24 800 59 500 20400 52 800 161 260 4900 40120 530 640 Manufacturing summary 84 300 50 30 Profit or loss summary 1047 020 Finished goods inventory 64 000 Selling and distribution expenses 123 600 Administrative expenses Finance and other expenses Manufacturing summary 108 600 25000 725 820 30 30 30 30 Finished goods inventory Sales Profit or loss summary Profit or loss summary Retained earnings 56 800 1361 000 1417800 370780 370 780