Smart Manufacturing Systems Pty Ltd uses a periodic inventory system and closes its accounts on 30June each year. The company’s closing entries made on 30 June 2016 were as shown below.

June 30	Manufacturing Summary Raw Materials Inventory Work in Process Inventory Raw Materials Purchases Freight Inwards Direct Labour Factory Overhead	405060	10200 26400 80630 2450 20060 265320
30	Raw Materials Inventory Work in Process Inventory Manufacturing Summary	12400 29750	42150
30	Profit or Loss Summary Finished Goods Inventory Selling and Distribution Expenses Administrative Expenses Finance and Other Expenses Manufacturing Summary	523510	32000 61800 54300 12500 362910
30	Finished Goods Inventory Sales Profit or Loss Summary	28400 680500	708900
30	Profit or Loss Summary Retained Earnings	185390	185390

Required

A. Prepare a cost of goods manufactured statement for the year ended 30 June 2016.

B. Prepare an income statement for the year ended 30 June 2016.