Question 1 (10 marks) On 30 June 2013 ABC Ltd showed following actual costs for the financial year just ended: Direct material used Direct labour Manufacturing overhead $450 000 200 000 400 000 The company's planned overhead rate is 150% of direct labour cost. The balances of inventory on 1 July 2012 were as follows: Raw material Work in process Finished goods $50 000 65 000 71 000 Each of those inventory balances was 10% lower on 30 June 2013. Required: (a) Prepare a Schedule of Cost of Goods Manufactured for the financial year; (5 marks) (b) Calculate the cost of Goods Sold for the financial year